Press Release
K-SEA TRANSPORTATION PARTNERS L.P. COMPLETES ACQUISITION OF SMITH MARITIME AND SIRIUS MARITIME
NEW YORK, AUGUST 15, 2007 – K-Sea Transportation Partners L.P. (NYSE: KSP) said today that it has completed its recently announced acquisition of Smith Maritime, Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle, Washington.
President and CEO Timothy J. Casey said “We are very excited about welcoming the Smith and Sirius operating teams to K-Sea. This acquisition immediately increases our barrel-carrying capacity by 770,000 barrels, or 22% of our capacity of 3.5 million barrels at June 30, 2007. In addition, our ongoing vessel newbuilding program, under which we have ten new tank barges under construction, will add 524,000 barrels over the next three and one-half years.
“These
transactions strengthen our operations on the West Coast and also expand our geographical presence to
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K-Sea Transportation Partners L.P