TransMontaigne Partners L.P. Announces That It Has Received the Approval of Morgan Stanley to Participate in the BOSTCO Project

  TransMontaigne Partners L.P. Announces That It Has Received the Approval of
  Morgan Stanley to Participate in the BOSTCO Project

Business Wire

DENVER -- December 03, 2012

TransMontaignePartners L.P. (NYSE:TLP) today announced that it has received
approval from Morgan Stanley, which controls TransMontaigne Partners’ general
partner, to acquire up to an approximately 48.75% ownership interest in the
Battleground Oil Specialty Terminal Company LLC (BOSTCO) terminal project,
known as the “BOSTCO project,” which involves the construction of a new black
oil terminal facility on the Houston Ship Channel. The initial phase of the
BOSTCO project, expected to cost approximately $415 million, currently
includes construction of 50 storage tanks with a capacity of approximately 6.1
million barrels for handling residual fuel, feedstocks, distillates and other
black oils. The BOSTCO project also includes one of the deepest vessel drafts
in the Houston Ship Channel and will be well positioned to participate in the
growing trend of exporting petroleum related products overseas. Subject to
satisfactory completion of due diligence, negotiation of definitive agreements
and the approval of the board of directors of TransMontaigne GP L.L.C., the
general partner of TransMontaigne Partners, we expect the transaction to close
on or before January 19, 2013.

In November, 2010, TransMontaigne Partners initially acquired approximately
190 acres of undeveloped land on the Houston Ship Channel. During 2010 and
2011, we undertook the design, permitting and initial development of the
BOSTCO black oil storage terminal. Also during 2011, we sold 50% of our
interest in the BOSTCO project to a subsidiary of Kinder Morgan Energy
Partners, L.P. (NYSE: KMP) in keeping with our original plan to identify one
or more partners to participate in the project. As previously disclosed, in
October 2011, Morgan Stanley, informed us that it would not, for the
foreseeable future, approve any "significant" acquisition or investment that
we may propose. In connection with that development, Morgan Stanley determined
that we could not continue to pursue the development of the BOSTCO project at
such time as the construction commenced. As a result, in late 2011, we sold
our remaining interest in the BOSTCO project to KMP and retained a one-year
option to repurchase up to 50% of KMP’s interest in the project at any time
prior to January 20, 2013. Morgan Stanley has informed us that its approval of
the exercise of the option to repurchase up to an approximately 48.75%
interest in the BOSTCO project is based on the specific circumstances of that
project and is not indicative of whether Morgan Stanley will approve any other
acquisition or investment that we may propose. Moreover, the closing of the
BOSTCO transaction is subject to certain conditions and uncertainties, some of
which are outside of TransMontaigne Partners’ control. Accordingly we are
unable to predict whether we will complete the acquisition of an interest in
the BOSTCO project, in whole or in part.

Further discussion of Morgan Stanley's current position with respect to
approval of any “significant” acquisitions or investments propose, and the
potential impact of that position, is set forth under the captions "Item 1.A.
Risk Factors" and "Regulatory Matters" in Item 7 of our Annual Report on Form
10-K/A, Amendment No. 1, filed on May 3, 2012.

About TransMontaigne Partners L.P.

TransMontaigne Partners L.P. is a terminaling and transportation company based
in Denver, Colorado with operations primarily in the United States along the
Gulf Coast, in the Midwest, in Brownsville, Texas, along the Mississippi and
Ohio Rivers, and in the Southeast. We provide integrated terminaling, storage,
transportation and related services for customers engaged in the distribution
and marketing of light refined petroleum products, heavy refined petroleum
products, crude oil, chemicals, fertilizers and other liquid products. Light
refined products include gasolines, diesel fuels, heating oil and jet fuels;
heavy refined products include residual fuel oils and asphalt. We do not
purchase or market products that we handle or transport. News and additional
information about TransMontaignePartners L.P. is available on our website:
www.transmontaignepartners.com.

Forward-Looking Statements

This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. Although the company believes that
the expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected.
Important factors that could cause actual results to differ materially from
the company's expectations and may adversely affect its business and results
of operations are disclosed in "Item 1A. Risk Factors" in the company's Annual
Report on Form 10-K/A, Amendment No. 1, for the year ended December 31, 2011,
filed with the Securities and Exchange Commission on May 3, 2012.There can be
no assurance that the investment in BOSTCO will, in fact, occur.

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Contact:

TransMontaigne Partners L.P.
Charles L. Dunlap, CEO, 303-626-8200
or
Gregory J. Pound, COO, 303-626-8200
or
Frederick W. Boutin, CFO, 303-626-8200