Timothy J. Casey, President and CEO of K-Sea, said, "We look forward to welcoming Sea Coast's employees to our Company. This transaction will expand our geographical presence to the West Coast which provides another platform for future growth. It also significantly increases our barrel-carrying capacity which, we believe, strengthens K-Sea's position as a leading provider of refined petroleum products transportation services in the U.S. and expands our ability to provide safe, reliable, and efficient service to our customers."
Paul E. Stevens, President and CEO of Marine Resources Group, Inc. stated, "We are pleased that K-Sea shares our vision of quality, safety and reliable service. We welcome the opportunity to continue to provide services to Sea Coast with our other companies as we focus on our core businesses."
By early 2006, after delivery of three previously announced double-hulled tank barges currently under construction, totaling an additional 160,000 barrels, K-Sea's total barrel-carrying capacity of over 3.4 million barrels will have increased by over 1.1 million barrels, or 48%, from capacity at the time of the Company's initial public offering in January 2004, despite the phase-out of almost 328,000 barrels under OPA 90 requirements.
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