KSP K-Sea Transportation Partners Lp

Murray, Frank & Sailer LLP is investigating claims of breach of fiduciary duty by certain members of the board of directors of K-Sea Transportation Partners L.P. (NYSE:KSP) (“K-Sea” or the “Company”) in relation to the acquisition of the Company by Kirby Corporation (“Kirby”).

On March 13, 2011, K-Sea and Kirby announced that Kirby will acquire K-Sea pursuant to a transaction under which K-Sea common unitholders will have the right to elect to receive either (a) $8.15 in cash; or (b) $4.075 in cash plus 0.0734 of a share of Kirby’s common stock for each common unit. Similarly, pursuant to the transaction, K-Sea’s preferred unitholders will receive $4.075 in cash and 0.0734 of a share of Kirby’s common stock for each preferred unit. K-Sea’s general partner will receive $8.15 in cash for each general partner unit and $18 million in cash for K-Sea’s incentive distribution rights. This proposed acquisition has an aggregate value of approximately $335 million. The amount represents a premium of approximately 26% over the closing price of the stock on March 11, 2011.

The investigation concerns whether certain members of the board of directors breached their fiduciary duty in connection with their efforts to sell K-Sea to Kirby at an inadequate price through an unfair process which significantly undervalues the Company.

If you are a current investor in K-Sea, who purchased KSP shares before March 13, 2011 and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Bridget Hamill or Gregory Linkh at (800) 497-8076 or (212) 682-1818, or by email at investigations@murrayfrank.com.

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