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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 |
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.
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