Blackwater New Orleans, an entity of Blackwater Midstream Corp., announced that it has reached agreement on a long-term contract extension with one of its major Louisiana chemical manufacturing customers.
The new agreement extends the original one year term to three years (through May 2012), and will add incremental revenue of approximately $750,000 for that time period. Frank Marrocco, Chief Commercial Officer of Blackwater Midstream Corp. stated, “We are extremely pleased that we were able to offer our customer a new agreement that adds value to their longer term plans while giving Blackwater New Orleans the benefit of significant incremental earnings over the next three years.” Mike Suder, Blackwater Midstream Corp.’s Chief Executive Officer added, “The longer term agreement supports Blackwater New Orleans’ strategy of bringing stability and growth in our business plan for the benefit of our shareholders.” Blackwater New Orleans is an independent third party bulk liquid storage provider in the port of New Orleans. The company operates an 850,000 barrel liquid storage terminal in Westwego, LA that offers access to its facility for marine, railcar, and tank truck activities for customer’s chemical and petroleum product distribution.
