K-Sea Transportation Partners L.P. Postpones Its Fourth Quarter Fiscal 2010 Earnings Conference Call

NEW YORK--(BUSINESS WIRE)-- K-Sea Transportation Partners L.P. (NYSE: KSP) today announced it is postponing its fourth quarter fiscal 2010 earnings conference call, which was previously scheduled for Tuesday, August 31, 2010. The Company expects to enter into an agreement tomorrow with its revolving credit lenders to provide an extension of the waiver period that was previously scheduled to expire on August 31, 2010. Additionally, the Company is working with its lenders to amend the financial covenants in its revolving credit facility. Such amendment will be subject to several conditions, including a convertible preferred equity investment of at least $85 million. The Company has reached an agreement in principle with an investment fund regarding the equity investment and believes that it will enter into a definitive agreement in the near term. There can be no assurance that a definitive agreement with respect to the bank amendment or the equity investment can be reached. The Company expects to hold a conference call to discuss these matters and fourth quarter results as soon as possible.

About K-Sea Transportation Partners

K-Sea Transportation Partners is one of the largest coastwise tank barge operators in the United States. The Company provides refined petroleum products transportation, distribution and logistics services in the U.S. domestic marine transportation market, and its common units trade on the New York Stock Exchange under the symbol KSP. For additional information, please visit the Company’s website, including the Investor Relations section, at www.k-sea.com .