KIRBY acquisition history

Substantially all of the assets and businesses of Stewart & Stevenson LLC, a subsidiary of Houston-based Parman Capital Group and a globally recognized engine/equipment distribution and services company with 115 years of history. Funded with 5.7 million Kirby shares valued at $366.6 million plus $377.0 million cash, with $12.9 million of assumed debt. approximately $756.5 million (at close; ~$710M announced).

The acquisition of Stewart & Stevenson significantly expands the geographic footprint and capabilities of our distribution and services business. This transaction creates one of the largest distribution networks in the country with the engineering and technological capacity to successfully address the complex requirements of a large customer base in a competitive national and global environment.David Grzebinski — President and CEO, Kirby Corporation

The combination of Stewart & Stevenson with Kirby's existing distribution and services business has the potential to unlock significant strategic value, dampen overall volatility in the business, and create a larger organization at an opportune time.Joseph H. Pyne — Executive Chairman, Kirby Corporation

Higman Marine, Inc. and its affiliated companies, an operator of inland tank barges and towboats. Higman's marine transportation fleet consists of 159 inland tank barges with 4.8 million barrels of capacity and 75 inland towboats, moving petrochemicals, refined petroleum products, crude oil, natural gas condensate, and black oil on the Mississippi River System and Gulf Intracoastal Waterway. approximately $419 million in cash.

The acquisition of Higman and its young fleet of well-maintained inland tank barges and towboats is an excellent fit with Kirby's operations. Higman's inland fleet of 30,000 barrel tank barges, approximately 80% of which are clean and 20% heated black oil vessels, has an average age of seven years, and is one of the younger fleets in the industry.David Grzebinski — President and CEO, Kirby Corporation

The inland tank barge business of Targa Resources Corp., purchased from a subsidiary of Targa. The fleet consisted of 16 pressure barges with a total capacity of 258,000 barrels, many of which were under multi-year contracts. $69,250,000 in cash.

On May 10, 2018, the Company completed the purchase of Targa Resources Corp.'s ('Targa') inland tank barge business from a subsidiary of Targa for $69,250,000 in cash. Targa's inland tank barge fleet consisted of 16 pressure barges with a total capacity of 258,000 barrels, many of which were under multi-year contracts.Kirby Corporation FY2020 10-K — acquisitions disclosure

The marine transportation fleet of Cenac Marine Services, L.L.C. Cenac's fleet consists of 63 30,000-barrel inland tank barges with approximately 1.9 million barrels of capacity, 34 inland towboats, and 2 offshore tugboats, moving petrochemicals, refined products, and black oil including crude oil and residual fuel. approximately $244 million in cash.

The acquisition of Cenac's young fleet of well-maintained inland tank barges and modern boats is an ideal complement to Kirby's operations. Cenac has a strong history of operational excellence, and is well respected by the industry and its customers. Cenac's inland fleet of 30,000-barrel tank barges ... has an average age of only four years.David Grzebinski — President and CEO, Kirby Corporation

The inland tank barge fleet of Savage Inland Marine. Savage's tank barge fleet consists of 90 inland tank barges with approximately 2.5 million barrels of capacity and 46 inland towboats, primarily moving petrochemicals, refined products, and crude oil on the Mississippi River, its tributaries, and the Gulf Intracoastal Waterway. Savage also operates a significant ship bunkering business and barge fleeting services along the Gulf Coast. approximately $278 million in cash plus assumption of leases.

The purchase of Savage's inland tank barge and towboat fleet represents an excellent strategic addition to Kirby's inland marine fleet with young, well-maintained vessels. In the last few years, Savage has built a diverse and well-respected inland marine transportation business with a strong presence in towing, bunkering, and fleeting along the Gulf Coast.David Grzebinski — President and CEO, Kirby Corporation

K-Sea Transportation Partners L.P., a coastal tank-barge operator, became a wholly owned subsidiary of Kirby through the merger of KSP Merger Sub, LLC with and into K-Sea. K-Sea unitholders received cash and Kirby common stock; total consideration was estimated at approximately $603.1 million including assumed K-Sea debt. approximately $603.1 million total merger consideration.

On July 1, 2011, K-Sea Transportation Partners L.P. ('K-Sea') became a wholly owned subsidiary of Kirby Corporation ('Kirby') as a result of the merger of KSP Merger Sub, LLC ('Merger Sub') with and into K-Sea.Kirby Corporation Form 8-K — Item 2.01 (July 1, 2011)

Kirby has estimated the total consideration expected to be issued and paid in the merger to be approximately $603.1 million.Kirby Corporation Form S-4 registration statement (2011)

Penn Maritime Inc. and Maritime Investments LLC (collectively 'Penn'), an operator of tank barges and tugboats in the coastal transportation of primarily black oil products in the United States. Total value approximately $295 million, consisting of $180 million for the equity interests (about $152 million cash plus 500,000 Kirby shares) and approximately $115 million for retirement of Penn's debt. approximately $295 million (incl. ~$115M debt retirement).

Kirby Corporation ... announced today that it has entered into an agreement to acquire Penn Maritime Inc. and Maritime Investments LLC (collectively, 'Penn' or 'Penn Maritime'), an operator of tank barges and tugboats participating in the coastal transportation of primarily black oil products in the United States.Kirby Corporation press release (November 27 — 2012)

The assets of Allied Transportation Company, a subsidiary of Allied Marine Industries, and two affiliated companies. Allied operates offshore barges and tugboats in the coastal transportation of petrochemicals and dry sugar products in the Northeast, Atlantic and Gulf Coast regions. Fleet of 10 coastwise tank barges (680,000 barrels), three offshore dry-bulk barges (48,000 deadweight tons), and seven tugboats. approximately $116 million in cash (incl. $10M contingent).

We are very pleased to announce our agreement with Allied. Operating as a U.S. Jones Act carrier primarily in the offshore petrochemical business, Allied has one of the most complementary coastal fleets to Kirby's existing coastal and inland operations.Joe Pyne — Chairman and CEO, Kirby Corporation

United Holdings LLC, a distributor and service provider of engine and transmission related products for the oil and gas services, power generation and transportation industries, and a manufacturer of oilfield service equipment including hydraulic fracturing equipment. Headquartered in Oklahoma City with 21 locations across 13 states; distributes/services Allison Transmission, MTU Detroit Diesel, Daimler Trucks NA and other engines. $270 million base + up to $50 million earnout.

The recovery of shale gas is an energy 'game changer' for the United States energy business because of the estimated amount of gas reserves and the relatively inexpensive cost of gas. A critical component of recovering shale gas is the ability to hydraulically fracture the gas-bearing formations.Joe Pyne — CEO, Kirby Corporation

Global Power Holding Company, parent of Global Power Systems, L.L.C., a Gulf Coast high-speed diesel engine services provider headquartered in Houma, Louisiana, operating factory-authorized full-service dealerships for Caterpillar, Cummins, Detroit Diesel and John Deere engines and Allison transmissions. Global generated approximately $63 million of revenue in 2005. Acquired by Kirby subsidiary Marine Systems, Inc. approximately $100 million in cash.

Kirby Corporation ... announced today that its wholly owned subsidiary, Marine Systems, Inc., has signed an agreement to purchase the stock of Global Power Holding Company, a privately held company that owns all of the outstanding equity of Global Power Systems, L.L.C. ('Global'), a Gulf Coast high-speed diesel engine services provider, for approximately $100 million in cash.Kirby Corporation press release (May 3 — 2006)