Kirby Corporation To Build Coastal Tank Barge And Tugboat Unit

        Kirby Corporation To Build Coastal Tank Barge And Tugboat Unit

PR Newswire

HOUSTON, Jan. 15, 2014

HOUSTON, Jan. 15, 2014 /PRNewswire/ --Kirby Corporation ("Kirby") (NYSE:KEX)
announced today the signing of an agreement to construct an articulated
185,000 barrel tank barge and 10000 horsepower tugboat unit ("ATB unit") at a
cost of $75 to $80 million. The ATB unit is anticipated to be delivered in
mid-to-late 2015. Upon delivery, the ATB unit will be chartered to a major
customer for a four-year period with a one-year extension option.

Joe Pyne, Kirby's Chairman and Chief Executive Officer, commented, "With the
coastal fleet utilization around 90%, increasing demand for the coastwise
movements of crude and natural gas condensate, and continued progress in
expanding our coastal business to inland customers, new capacity is needed to
meet demand. The 185,000 barrel ATB unit has the flexibility to access ports
that restrict larger vessels, while still delivering large volumes of product
for our customer."

Kirby Corporation, based in Houston, Texas, is the nation's largest domestic
tank barge operator, transporting bulk liquid products throughout the
Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all
three United States coasts and in Alaska and Hawaii. Kirby transports
petrochemicals, black oil, refined petroleum products and agricultural
chemicals by tank barge. Through the diesel engine services segment, Kirby
provides after-market service for medium-speed and high-speed diesel engines
and reduction gears used in marine and power generation applications. Kirby
also distributes and services high-speed diesel engines, transmissions, pumps,
compression products and manufactures and remanufactures oilfield service
equipment, including pressure pumping units, for land-based pressure pumping
and oilfield service markets.

Statements contained in this press release with respect to the future are
forward-looking statements. These statements reflect management's reasonable
judgement with respect to future events. Forward-looking statements involve
risks and uncertainties. Actual results could differ materially from those
anticipated as a result of various factors, including cyclical or other
downturns in demand, significant pricing competition, unanticipated additions
to industry capacity, changes in the Jones Act or in U.S. maritime policy and
practice, fuel costs, interest rates, weather conditions, and the timing,
magnitude and the number of acquisitions made by Kirby. Forward-looking
statements are based on currently available information and Kirby assumes no
obligation to update such statements. A list of additional risk factors can
be found in Kirby's annual report on Form 10-K for the year ended December 31,
2012 filed with the Securities and Exchange Commission.

SOURCE Kirby Corporation

Website: http://www.kirbycorp.com
Contact: Steve Holcomb, 713-435-1135
 
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