Quintana Maritime Limited announced that FR X Offshore, L.P. sold 2,000,000 shares of Quintana's common stock and that Joseph R. Edwards, who is affiliated with FR X Offshore, resigned from Quintana's board of directors. FR X Offshore, an affiliate of First Reserve Corporation, is a private equity fund specializing in the energy industry. Prior to the sale on May 17, which was conducted as a broker's transaction in compliance with Rule 144 under the Securities Act of 1933, as amended, First Reserve beneficially owned approximately 6.9% of Quintana's outstanding common stock through FR X Offshore. Following the sale, First Reserve beneficially owns approximately 3.2% of Quintana's outstanding common stock.