Kirby buys Seaboats Inc. tank barge fleet

kirbyflagHouston-based tank barge giant Kirby Corporation (NYSE: KEX) today announced the purchase of the coastwise tank barge fleet of Seaboats, Inc. and affiliated companies consisting of three 80,000 barrel coastwise tank barge and tug units for $42.3 million in cash. The three coastwise tank barge and tug units currently operate along the East Coast and have an average age of five years. Financing of the purchase was through Kirby's $250 million revolving credit facility.

Joe Pyne, Kirby's Chairman and Chief Executive Office, commented, "The purchase of Seaboats' coastwise fleet consisting of three 80,000 barrel tank barge units furthers our objective of growing our offshore tank barge fleet. The three tank barges are sister barges, built to the same design as our four 80,000 barrel tank barges and will expand our fleet capacity, service capabilities to our customers and provide additional flexibility."

December 15, 2011

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