| K-Sea Transportation Partners L.P. to Add a 185,000 Barrel Articulated Tug Barge |
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| Saturday, 22 September 2007 18:44 | |||
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NEW YORK--(BUSINESS WIRE)--K-Sea Transportation Partners L.P. (NYSE: KSP) announced today that it
has entered into a letter of intent with the Manitowoc Marine Group to
construct a 185,000 barrel articulated tug-barge unit. The expected cost
is between $68 million to $70 million with delivery projected for the
fourth quarter of calendar 2009. The Partnership also has an agreement
in principle for a long-term charter for the unit with a major customer
that is expected to commence upon delivery. The letter of intent, which
includes an option to build a second unit of similar design and cost, is
subject to various conditions, including the execution and delivery of
definitive agreements with respect to the construction of the unit. Click READ MORE for the rest President and CEO Timothy J. Casey said, “This is yet another example of organic growth opportunities we have as a result of our wide geographic reach. This new project is a direct result of our recent West Coast acquisition. The anticipated long-term charter adds to our earnings visibility and we expect the contribution to be accretive to our distributable cash flow in fiscal 2010 and beyond.” http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070919006376&newsLang=en
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