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Kirby Corporation's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Our focus is to continue to enhance this service model with the objective of providing our customers the best and safest service in the industry.

Now our legacy inland tank barge business is performing well with favorable pricing trends. We anticipate this sector to remain positive based on the favorable outlook of the U.S. petrochemical and refining industry.

For the Diesel Engine segment, our legacy business is improving due to the overall health of it inland marine transportation customers and an improved Gulf of Mexico oil service market. For our land-based Diesel Engine Service business, with the current low price of natural gas incentive to drill for natural gas has declined but the incentive to find crude oil remains very positive due to the current high price of crude oil. This business is seeing a natural rotation away from natural gas to oil exploration. As this rotation occurs, there has been a pause in new orders for the oil service equipment as the market assesses its requirements. We are using this pause to further develop the service opportunities in this business.

When we purchased United it was our objective to apply a very good, well-tested marine diesel engine service model to land-based diesel engines. It is our intention to continue to build oil service equipment, but to more heavily focus on servicing this equipment rather than manufacturing it. Later in the call Greg will share with you some encouraging comments regarding remanufacturing service opportunities. Then I’ll come back at the end of the call and talk about the second quarter as well as the full year outlook.

Now I’m going to turn the call over to David, who will speak briefly about Kirby Offshore Marine’s markets and then Greg will update you on our inland tank barge business and the Diesel Engine Service markets.

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