K-Sea Shareholders to Receive Mix of Cash and Stock in Kirby Post-Merger

Kirby Corporation KEX announced today the preliminary results of elections by common unitholders of K-Sea Transportation Partners L.P. KSP to receive cash or a combination of cash and Kirby common stock in the previously announced merger between K-Sea and a subsidiary of Kirby that is scheduled to close in the first week of July.  K-Sea will survive the merger as a wholly owned subsidiary of Kirby. There are a total of 19,160,394 K-Sea common units outstanding and another 388,939 phantom units issued under K-Sea's long-term incentive plan that are treated as common units for purposes of the merger, for a total of 19,549,333 common units.  The holders of 9,482,717 K-Sea common units elected to receive merger consideration consisting of $8.15 in cash for each common unit.  The holders of 7,242,915 K-Sea common units elected to receive consideration consisting of $4.075 in cash and 0.0734 of a share of Kirby common stock for each common unit.  The holders of 2,823,701 K-Sea common units made no election by the deadline of 5:00 p.m., New York time, on June 28, 2011, and will therefore receive consideration consisting of $8.15 in cash for each common unit.