Exhibit 99.1

Contact:

Donald H. Anderson, President/CEO
Randall J. Larson, Executive Vice President/CFO
303-626-8200

TRANSMONTAIGNE INC. ANNOUNCES RESULTS FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2006 AND SCHEDULES CONFERENCE CALL

Tuesday, May 9, 2006

Immediate Release

Denver, Colorado—TransMontaigne Inc. (NYSE:TMG) today announced its financial results for the fiscal third quarter, which resulted in net earnings of $25.7 million, or earnings of $0.50 per share, compared with net income of $47.1 million, and earnings of $0.92 per share for the comparable quarter in 2005. For the nine months ended March 31, 2006 the Company reported net earnings of $11.4 million, or earnings of $0.22 per share, compared with $55.1 million in net earnings, and earnings of $1.08 per share, during the comparable period in 2005.

During the third quarter, wholesale petroleum product prices increased from $1.70 per gallon to $1.86 per gallon. This significant increase in value contributed to an inventory procurement and management gain of $38.7 million, net of hedging costs.

Highlights for the quarter include:

• Supply, distribution and marketing revenues of $2.4 billion resulted in net margins of $49.1 million, which includes the $38.7 million gain in inventory procurement and management and a $1.9 million charge due to FIFO inventory adjustments.

• Light oil marketing margins were $7.4 million, compared to $5.0 million for the comparable quarter in 2005. During the quarter, the wholesale value of product at our Southeast terminals approximated the cost of the product at the tailgate of the refineries plus the cost of transportation to our terminals, which resulted in breakeven marketing results at the Southeast terminals.

• Radcliff/Economy Marine Services, Inc. (“Radcliff”) acquired August 1, 2005, contributed $1.0 million in marketing margins during the quarter.

• Terminal, pipelines, and tugs and barges generated $12.5 million in net margins, compared to $13.8 million for the comparable quarter in 2005.

• During the quarter, we entered into a new seven-year terminaling services agreement with a subsidiary of Valero Energy Corporation regarding approximately 1.0 million barrels of gasoline and distillate storage capacity throughout our River terminal facilities. The terminaling services agreement became effective April 1, 2006. During the quarter, we incurred approximately $1.8 million in repairs and maintenance at our River terminal facilities in preparation for the commencement of the Valero terminaling services agreement.

• Radcliff contributed $0.7 million of terminaling margins during the quarter.

1670 Broadway • Suite 3100 • Denver, CO 80202 • 303-626-8200 (phone) • 303-626-8228 (fax)

Mailing Address: • P. O. Box 5660 • Denver, CO 80217-5660

www.transmontaigne.com

• Selling general and administrative expenses increased by $2.2 million compared to the comparable quarter in 2005 due principally to Radcliff accounting for $0.3 million and TransMontaigne Partners’ incremental General and Administrative Costs of $1.1 million.

• TransMontaigne Inc. has announced that its Board of Directors has authorized management to meet with representatives of Morgan Stanley Capital Group Inc. to negotiate a definitive merger agreement in accordance with the terms of Morgan Stanley’s letter to TransMontaigne dated April 26, 2006, in which Morgan Stanley offered to acquire all of the outstanding capital stock of TransMontaigne Inc. for cash consideration of $10.50 per common share. As previously announced, on March 27, 2006, TransMontaigne entered into a merger agreement with SemGroup, L.P. and certain of its affiliated entities providing for the acquisition by SemGroup of all of the outstanding capital stock of TransMontaigne for cash consideration of $9.75 per common share. On May 8, 2006, we announced that our Board of Directors is prepared to accept the terms of a definitive merger agreement with Morgan Stanley under which Morgan Stanley will acquire all of our outstanding capital stock for cash consideration of $10.50 per share. SemGroup has until the close of business on Thursday, May 11, 2006, to provide our Board of Directors with a revised merger agreement that our Board of Directors determines is at least as favorable to our stockholders as the Morgan Stanley merger agreement. Until such time as TransMontaigne executes an agreement with Morgan Stanley, the merger agreement between TransMontaigne and SemGroup remains in effect.

Donald H. Anderson, Chief Executive Officer said, “Increases in both crude oil prices and refinery margins (crack spreads) once again moved wholesale gasoline prices to higher levels. These higher prices encourage the rapid liquidation of refined product inventory which has the tendency to lower light oil marketing margins (net backs) throughout our pipeline supplied Southeast terminaling network. As has been previously reported, the Company has received two competing offers for 100% of the Company’s common stock. The Company’s Board is continuing to evaluate both offers.”

CONFERENCE CALL

TransMontaigne Inc. also announced that it has scheduled a conference call for Thursday, May 11, 2006 at 3:30 p.m. (MDT) regarding the above information. Analysts, investors and other interested parties are invited to listen to management’s presentation of the Company’s results and supplemental financial information by accessing the call as follows:

(888) 400-7916

Ask For: TransMontaigne Inc.

A playback of the conference call will be available from 7:00 p.m. (MDT) on Thursday, May 11, 2006 until 11:59 p.m. (MDT) on Thursday, May 18, 2006 by calling:

USA: 800-475-6701

International: 320-365-3844

Access Code: 828139

The following selected financial information is extracted from the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2006, which was filed today with the Securities and Exchange Commission.

TRANSMONTAIGNE INC. AND SUBSIDIARIES

(000s, except per share data)

	Three Months Ended
	March 31, 2006			March 31, 2005
Income Statement Data
Revenues	$	2,456,697		$	2,169,441
Net margins:
Supply, distribution and marketing	49,111			84,473
Terminals, pipelines, and tugs and barges	12,474			13,807
Operating income	51,437			85,114
Earnings before income taxes	44,024			78,442
Net earnings	25,724			47,065
Net earnings attributable to common stockholders	24,204			36,721
Net earnings per common share—basic	0.50			0.92

Cash Flow Activities
Net cash provided by operating activities	$	12,442		$	255,101
Net cash provided by (used in) investing activities	(2,682		)	5,446
Net cash (used in) financing activities	(13,365		)	(248,639		)

	March 31, 2006		June 30, 2005
Balance Sheet Data
Working capital	$	321,116	$	319,636
Long-term debt	245,508		228,307
Non-controlling interests in TransMontaigne Partners	82,566		81,440
Series B redeemable convertible preferred stock	20,608		49,249
Common stockholders’ equity	367,020		326,484

Selected income statement data is as follows (in thousands):

	Three Months Ended
	March 31, 2006			March 31, 2005
Terminals, pipelines, tugs and barges:
TransMontaigne Partners L.P. facilities	$	7,395		$	5,655
Brownsville facilities	1,644			1,230
Southeast facilities	3,765			5,442
River facilities	(835		)	1,145
Other	505			335
Margins	12,474			13,807
Marketing:
Light oils—marketing margins:
TransMontaigne Partners L.P. facilities	5,231			1,666
Southeast facilities	187			2,744
River facilities	1,170			525
Other	800			60
Light oil margins	7,388			4,995
Heavy oils—marketing margins	2,445			2,980
Supply chain management services margins	2,469			6,067
Margins	12,302			14,042
Total margins	24,776			27,849
Selling, general and administrative expenses	(12,142		)	(9,885		)
Total margins less S, G & A expenses	12,634			17,964

Inventory procurement and management:
(Losses) from risk management of light oil volumes to be liquidated upon commencement of MSCG product supply agreement	—			(181		)
Increase in value of light oil volumes nominated under the MSCG product supply agreement prior to receipt of the product at our terminals	24,314			36,632
Increase in value of base operating inventory	13,967			39,871
(Losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement	(7,409		)	—
Storage fees for light oil tank capacity	(457		)	(857		)
Other financial and costing variances, net	8,268			6,286
Trading activities, net	—			—
Inventory procurement and management	38,683			81,751

Inventory adjustments:
Gains recognized on beginning inventories—discretionary volumes	13,567			10,210
Gains deferred on ending inventories—discretionary volumes	(15,441		)	(21,530		)
Inventory adjustments	(1,874		)	(11,320		)

Merger related expenses	(1,350		)	—
Depreciation and amortization	(7,273		)	(6,274		)
Gain on disposition of assets, net	10,617			2,993
Operating income	$	51,437		$	85,114

Selected income statement data for each of the quarters in the year ending June 30, 2006, is summarized below (in thousands):

	Three Months Ended										Year Ended June 30, 2006
	September 30, 2005			December 31, 2005			March 31, 2006			June 30, 2006
Terminals, pipelines, tugs and barges:
TransMontaigne Partners L.P. facilities	$	6,993		$	7,666		$	7,395		—	$	22,054
Brownsville facilities	1,398			1,425			1,644			—	4,467
Southeast facilities	3,292			4,324			3,765			—	11,381
River facilities	40			583			(835		)	—	(212		)
Other	(1,194		)	896			505			—	207
Margins	10,529			14,894			12,474			—	37,897
Marketing:
Light oils—marketing margins (deficiencies):
TransMontaigne Partners L.P. facilities	9,258			5,915			5,231			—	20,404
Southeast facilities	(16,714		)	4,630			187			—	(11,897		)
River facilities	1,024			1,670			1,170			—	3,864
Other	(1,148		)	777			800			—	429
Light oil margins	(7,580		)	12,992			7,388			—	12,800
Heavy oils—marketing margins	3,460			7,349			2,445			—	13,254
Supply chain management services margins	1,180			(191		)	2,469			—	3,458
Margins (deficiencies)	(2,940		)	20,150			12,302			—	29,512
Total margins	7,589			35,044			24,776			—	67,409
Selling, general and administrative expenses	(11,554		)	(13,354		)	(12,142		)	—	(37,050		)
Total margins (deficiencies) less S, G & A expenses	(3,965		)	21,690			12,634			—	30,359

Inventory procurement and management:
Increase (decrease) in value of light oil volumes nominated under the MSCG product supply agreement prior to the receipt of product at our terminals	79,084			(51,678		)	24,314			—	51,720
Increase (decrease) in value of base operating inventory	46,424			(29,394		)	13,967			—	30,997
Gains (losses) from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement	(28,755		)	27,095			(7,409		)	—	(9,069		)
Storage fees for light oil tank capacity	(457		)	(457		)	(457		)	—	(1,371		)
Other financial and costing variances, net	(28,654		)	(11,498		)	8,268			—	(31,884		)
Trading activities, net	—			—			—			—	—
Inventory procurement and management	67,642			(65,932		)	38,683			—	40,393

Inventory adjustments:
Gains recognized on beginning inventories—discretionary volumes	2,369			18,452			13,567			—	2,369
Gains deferred on ending inventories—discretionary volumes	(18,452		)	(13,567		)	(15,441		)	—	(15,441		)
Inventory adjustments	(16,083		)	4,885			(1,874		)	—	(13,072		)

Merger related expenses	—			—			(1,350		)	—	(1,350		)
Depreciation and amortization	(6,581		)	(6,849		)	(7,273		)	—	(20,703		)
Gain on disposition of assets, net	1,118			67			10,617			—	11,802
Operating income (loss)	$	42,131		$	(46,139	)	$	51,437		—	$	47,429

Selected income statement data for each of the quarters in the year ended June 30, 2005, is summarized below (in thousands):

	Three Months Ended												Year Ended June 30, 2005
	September 30, 2004			December 31, 2004			March 31, 2005			June 30, 2005
Terminals, pipelines, tugs and barges:
TransMontaigne Partners L.P. facilities	$	4,306		$	4,313		$	5,655		$	5,977		$	20,251
Brownsville facilities	850			1,204			1,230			1,249			4,533
Southeast facilities	5,011			5,798			5,442			4,254			20,505
River facilities	651			302			1,145			747			2,845
Other	1,247			451			335			(184		)	1,849
Margins	12,065			12,068			13,807			12,043			49,983
Marketing:
Light oils—marketing margins:
TransMontaigne Partners L.P. facilities	2,700			4,246			1,666			1,322			9,934
Southeast facilities	993			7,603			2,744			2,849			14,189
River facilities	759			759			525			791			2,834
Other	36			136			60			79			311
Light oil margins	4,488			12,744			4,995			5,041			27,268
Heavy oils—marketing margins	2,570			5,406			2,980			2,164			13,120
Supply chain management services margins	3,040			3,608			6,067			783			13,498
Margins	10,098			21,758			14,042			7,988			53,886
Total margins	22,163			33,826			27,849			20,031			103,869
Selling, general and administrative expenses	(10,433		)	(11,802		)	(9,885		)	(10,729		)	(42,849		)
Total margins less S, G & A expenses	11,730			22,024			17,964			9,302			61,020

Inventory procurement and management:
Gains (losses) from risk management of light oil volumes to be liquidated upon commencement of MSCG product supply agreement	—			9,618			(181		)	—			9,437
Increase (decrease) in value of light oil volumes nominated under the MSCG product supply agreement prior to the receipt of product at our terminals	—			—			36,632			(9,497		)	27,135
Increase (decrease) in value of base operating inventory	39,956			(36,847		)	39,871			(4,408		)	38,572
Gains from risk management of base operating inventory and light oil volumes nominated under the MSCG product supply agreement	—			—			—			5,154			5,154
Storage fees for light oil tank capacity	(2,245		)	(2,200		)	(857		)	(395		)	(5,697		)
Other financial and costing variances, net	(2,204		)	12,232			6,286			(4,241		)	12,073
Trading activities, net	(1,003		)	1,031			—			—			28
Inventory procurement and management	34,504			(16,166		)	81,751			(13,387		)	86,702

Inventory adjustments:
Gains recognized on beginning inventories—discretionary volumes	3,712			24,158			10,210			21,530			3,712
Gains deferred on ending inventories—discretionary volumes	(24,158		)	(10,210		)	(21,530		)	(2,369		)	(2,369		)
Inventory adjustments	(20,446		)	13,948			(11,320		)	19,161			1,343

Depreciation and amortization	(5,807		)	(5,727		)	(6,274		)	(6,407		)	(24,215		)
Gain (loss) on disposition of assets, net	(3,599		)	—			2,993			735			129
Operating income	$	16,382		$	14,079		$	85,114		$	9,404		$	124,979

Selected income statement data for each of the quarters in the year ended June 30, 2004, is summarized below (in thousands):

	Three Months Ended												Year Ended June 30, 2004
	September 30, 2003			December 31, 2003			March 31, 2004			June 30, 2004
Terminals, pipelines, tugs and barges:
TransMontaigne Partners L.P. facilities	$	4,875		$	4,941		$	4,923		$	4,885		$	19,624
Brownsville facilities	617			798			861			1,067			3,343
Southeast facilities	4,971			4,805			4,722			3,848			18,346
River facilities	1,396			965			605			585			3,551
Other	1,178			2,160			476			429			4,243
Margins	13,037			13,669			11,587			10,814			49,107
Marketing:
Light oils—marketing margins (deficiencies):
TransMontaigne Partners L.P. facilities	$	803		$	958		$	3,548		$	5,137		$	10,446
Southeast facilities	(861		)	2,670			4,128			3,100			9,037
River facilities	1,237			828			1,078			2,025			5,168
Other	902			1,234			2,037			1,656			5,829
Light oil margins	2,081			5,690			10,791			11,918			30,480
Heavy oils—marketing margins	1,440			3,424			5,416			3,376			13,656
Supply chain management services margins	2,351			4,070			2,783			(580		)	8,624
Margins	5,872			13,184			18,990			14,714			52,760
Total margins	18,909			26,853			30,577			25,528			101,867
Selling, general and administrative expenses	(9,525		)	(10,157		)	(10,452		)	(7,398		)	(37,532		)
Total margins less S, G & A expenses	9,384			16,696			20,125			18,130			64,335

Inventory procurement and management:
Increase (decrease) in value of base operating inventory	(3,994		)	12,573			18,723			3,303			30,605
Storage fees for light oil tank capacity	(2,522		)	(2,495		)	(2,385		)	(2,309		)	(9,711		)
Other financial and costing variances, net	6,133			5,135			(2,067		)	(15,694		)	(6,493		)
Trading activities, net	2,131			457			(2,582		)	(829		)	(823		)
Inventory procurement and management	1,748			15,670			11,689			(15,529		)	13,578

Inventory adjustments:
Gains recognized on beginning inventories—discretionary volumes	10,176			5,242			24,984			12,911			10,176
Gains deferred on ending inventories—discretionary volumes	(5,242		)	(24,984		)	(12,911		)	(3,712		)	(3,712		)
Inventory adjustments	4,934			(19,742		)	12,073			9,199			6,464

Depreciation and amortization	(5,537		)	(5,932		)	(5,738		)	(5,808		)	(23,015		)
Lower of cost or market write-downs on product linefill and tank bottom volumes	(32		)	(17		)	(11		)	—			(60		)
(Loss) on disposition of assets, net	—			(805		)	—			(173		)	(978		)
Operating income	$	10,497		$	5,870		$	38,138		$	5,819		$	60,324

Our light oil marketing volumes in average barrels per day for each of the quarters in the years ended June 30, 2006, 2005 and 2004 are as follows:

	Three Months Ended				Year Ending June 30, 2006
	September 30, 2005	December 31, 2005	March 31, 2006	June 30, 2006	Year Ending June 30, 2006
Light oils—marketing volumes:
TransMontaigne Partners’ facilities	84,838	90,126	92,073	—	89,012
Southeast facilities	137,586	126,015	117,744	—	127,115
River facilities	10,592	7,697	8,748	—	9,012
Other	18,803	15,347	23,502	—	19,218
	251,819	239,185	242,067	—	244,357

	Three Months Ended				Year Ended June 30, 2005
	September 30, 2004	December 31, 2004	March 31, 2005	June 30, 2005	Year Ended June 30, 2005
Light oils—marketing volumes:
TransMontaigne Partners’ facilities	63,256	59,565	68,725	72,297	65,961
Southeast facilities	142,928	131,418	143,751	146,395	141,123
River facilities	9,800	9,800	7,091	11,816	9,627
Other	38,104	21,875	19,901	17,369	24,312
	254,088	222,658	239,468	247,877	241,023

	Three Months Ended				Year Ended June 30, 2004
	September 30, 2003	December 31, 2003	March 31, 2004	June 30, 2004	Year Ended June 30, 2004
Light oils—marketing volumes:
TransMontaigne Partners’ facilities	62,392	65,456	70,108	71,117	67,268
Southeast facilities	161,070	157,366	164,297	160,209	160,736
River facilities	22,498	16,372	16,072	20,469	18,853
Other	54,459	44,750	50,367	46,748	49,081
	300,419	283,944	300,844	298,543	295,938

Our light oil marketing margins in points ($0.0001) per gallon for each of the quarters in the years ended June 30, 2006, 2005 and 2004 are as follows:

	Three Months Ended					Year Ending June 30, 2006
	September 30, 2005		December 31, 2005	March 31, 2006	June 30, 2006	Year Ending June 30, 2006
Light oils—marketing margins:
TransMontaigne Partners’ facilities	282		170	150	—	199
Southeast facilities	(314	)	95	4	—	(81	)
River facilities	250		561	354	—	372
Other	(158	)	131	90	—	19
All facilities—weighted average	(78	)	141	81	—	45

	Three Months Ended					Year Ended June 30, 2005
	September 30, 2004		December 31, 2004	March 31, 2005	June 30, 2005	Year Ended June 30, 2005
Light oils—marketing margins:
TransMontaigne Partners’ facilities	110		184	64	48	98
Southeast facilities	18		150	51	51	66
River facilities	200		200	196	175	192
Other	2		16	8	12	8
All facilities—weighted average	46		148	55	53	74

	Three Months Ended					Year Ended June 30, 2004
	September 30, 2003		December 31, 2003	March 31, 2004	June 30, 2004	Year Ended June 30, 2004
Light oils—marketing margins:
TransMontaigne Partners’ facilities	33		38	132	189	101
Southeast facilities	(14	)	44	66	51	37
River facilities	142		131	176	259	178
Other	43		71	106	93	77
All facilities—weighted average	18		52	95	104	67

TransMontaigne Inc. is a refined petroleum products marketing and distribution company based in Denver, Colorado with operations in the United States, primarily in the Gulf Coast, Florida, East Coast and Midwest regions. The Company’s principal activities consist of (i) terminal, pipeline, tug and barge operations, (ii) marketing and distribution, (iii) supply chain management services and (iv) managing the activities of TransMontaigne Partners L.P. The Company’s customers include refiners, wholesalers, distributors, marketers, and industrial and commercial end-users of refined petroleum products. Corporate news and additional information about TransMontaigne Inc. is available on the Company’s web site: www.transmontaigne.com

Forward-Looking Statements

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from the forward- looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

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