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KIRBY CORPORATION ANNOUNCES LETTER OF INTENT

 KIRBY CORPORATION ANNOUNCES LETTER OF INTENT
 HOUSTON, Jan. 8 /PRNewswire/ -- Kirby Corporation (AMEX: KEX)


announced today the signing of a letter of intent by its wholly-owned marine transportation subsidiary, Dixie Carriers, Inc., to purchase substantially all of the operating assets of Ole Man River Towing, Inc. and related entities for $25,575,000 in cash.
 The closing of the transaction is subject to the negotiation and execution of a definitive agreement, satisfactory completion of an environmental audit and the resolution of certain other issues, including appropriate regulatory filings and approvals, and is expected to be consummated by late February 1992. Kirby intends to finance the acquisition with its established acquisition line of credit facility. Kirby's pro forma studies indicate that the acquisition will produce a favorable impact on Kirby's earnings.
 Ole Man River, located in Vicksburg, Miss., is engaged in inland tank barge transportation. Ole Man River recorded total revenues of approximately $14.6 million for the year ended Dec. 31, 1990 and approximately $11.5 million for the nine months ended Sept. 30, 1991. Kirby has previously reported total revenues of $175.8 million for the year ended Dec. 31, 1990 and $140.0 million for the nine months ended Sept. 30, 1991.
 Ole Man River's inland barge fleet, consisting of 17 double skin tank barges (including two leased barges), nine single skin tank barges and eight towboats, operates primarily in the transportation of finished petroleum or clean products and petrochemicals along the Mississippi River Systems and the Gulf Intracoastal Waterway.
 Kirby is a diversified corporation engaged, through its subsidiaries, in marine transportation, diesel repair and property and casualty insurance. Kirby's marine transportation subsidiary is engaged in the inland transportation of petrochemicals, other petroleum products and liquid fertilizer by tank barge along the Gulf Intracoastal Waterway and Mississippi River Systems and the offshore transportation of dry bulk and liquid cargo by barge primarily in the Gulf of Mexico, the Caribbean Basin and U.S. East Coast. The diesel repair subsidiary is engaged in the repair and overhaul of large diesel engines and related parts sales, primarily for customers in the inland and offshore marine industry. Kirby's property and casualty insurance subsidiary is engaged in the writing of property and casualty insurance in the Commonwealth of Puerto Rico.
 -0- 1/8/91
 /CONTACT: Steve Holcomb of Kirby, 713-629-9370/
 (KEX) CO: Kirby Corporation; Ole Man River Towing Inc. ST: Texas, Mississippi IN: MAR SU: TNM


KD -- NY073 -- 7677 01/08/92 10:16 EST
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Date:Jan 8, 1992
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