QMAR Quintana Maritime Ltd (MM)

GREENWICH, Conn. and HOUSTON, Oct. 22 /PRNewswire-FirstCall/ -- First Reserve Corporation, the largest U.S-based private equity firm that specializes in the energy industry, today announced that it has formed a partnership with Craig Stevenson, a 35-year-plus veteran of the shipping industry, that will be focused on energy-related shipping assets. The venture, Diamond S Shipping LLC, follows other more recent shipping ventures for First Reserve Corporation, which co-founded Quintana Maritime in 2005. Quintana Maritime (NASDAQ:QMAR), is an international provider of dry- bulk cargo marine transportation services including, coal and iron ore. "Our partnership with Craig Stevenson will augment our expertise and help us to capitalize on future shipping investment opportunities," said Joe Bob Edwards, Managing Director of First Reserve Corporation. Craig Stevenson has worked in the marine transport business since 1971. He began his career with Sabine Towing & Transport Co., and held management roles with Seabulk and Hvide prior to joining OMI in 1993. During his career with OMI, he progressed from SVP in charge of charter operations to COO and eventually Chairman, President and CEO, until it was sold to Teekay and TORM. Under Mr. Stevenson's leadership, OMI grew to be one of the largest tanker companies in the world, controlling a fleet of 48 vessels with total capacity of approximately 3.6 million dwt, and an average vessel age of less than four years. "First Reserve's in-depth knowledge of worldwide energy markets should prove to be valuable perspective in analyzing shipping investments," commented Mr. Stevenson. "I am extremely excited about the association." Diamond S will be based in Greenwich, Connecticut, and will have an equity commitment of $300 million from First Reserve Fund XI, L.P. The Company will focus on investments in all shipping categories. About First Reserve First Reserve Corporation is the oldest and largest private equity firm specializing in the energy industry. Founded in 1983, First Reserve was the first private equity investment firm to actively pursue building a broadly diversified global investment portfolio of energy companies. Since 1992, First Reserve has raised over $12.7 billion for its buyout-focused funds. Throughout its 24-year history, the strong franchise that the firm has developed by investing exclusively in the energy industry has served as a competitive advantage for First Reserve. For more information on First Reserve Corporation, visit http://www.firstreserve.com/. For media inquiries, please contact Caroline Harris or Kay Kayachith of CJP Communications at 212-279-3115; ext. 222/ ext. 214, or via email at . DATASOURCE: First Reserve Corporation CONTACT: Caroline Harris or Kay Kayachith of CJP Communications, +1-212-279-3115 ext. 222 or 214, Web site: http://www.firstreserve.com/

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