Crowley Acquires Salvage Company TITAN Maritime LLC
(Ft. Lauderdale, Fla.; Oct. 5, 2005) – Crowley Maritime Corporation announced today that it has acquired TITAN Maritime LLC, a worldwide salvage company based in Fort Lauderdale, Fla. The newly acquired company will be known as TITAN, a Crowley company.
Former owners David Parrot and Dick Fairbanks will remain as part of the management team with the new entity, as will all TITAN employees. Crowley’s Todd Busch will join TITAN as vice president and relocate from Crowley’s Long Beach office to TITAN’s Fort Lauderdale office. Busch has been with Crowley for 17 years, and has held management roles in ship assist and escort, contract and towing services, and emergency response.
“The new company will take advantage of the experienced personnel, specialized equipment and proven track record at TITAN, and the large tug and barge fleet, diversified business lines, and financial strength of Crowley, to grow the business,” said Tom Crowley, Jr., chairman, president and CEO.
“The synergies and strengths of the combined companies will result in better service to our customers, both domestically and internationally, as well as provide the opportunity to explore new areas of business development,” Busch said. “We have worked closely with TITAN on a number of projects and I know they share our commitment to excellence and customer service.”
TITAN, which will be included in Crowley’s marine services line of business, will remain headquartered in Ft. Lauderdale and will continue with salvage and wreck removal as its core business.
“Crowley brings resources, assets and 113 years of experience in the maritime industry to this deal,” Parrot said. “Together we can help TITAN to grow to a much larger and stronger company.”
TITAN also has offices in Newhaven, UK, Singapore and Sao Paulo, Brazil and equipment depots in Batam, Indonesia and Dubai, UAE. Over the past 25 years, TITAN has performed more than 200 salvage and wreck removal projects worldwide. For more information about TITAN, visit www.titansalvage.com.
Oakland-based Crowley Maritime Corporation, founded in 1892, is primarily a family and employee-owned company that provides diversified transportation and logistics services in domestic and international markets by means of four operating lines of business: Liner Services; Logistics Services; Petroleum Services and Marine Services. Other services provided within these business lines include contract towing and transportation; ship assist and escort; energy support; salvage and emergency response; vessel management, and petroleum and chemical transportation, distribution and sales. For more information, visit www.crowley.com.
Safe Harbor Statement Under the Private Litigation Securities Litigation Reform Act of 1995:
Certain statements in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words or phrases “can be,” “expects,” “may affect,” “anticipates,” “may depend,” “believes,” “estimates,” “plans,” “projects” and similar words and phrases are intended to identify such forward-looking statements. These forward-looking statements are subject to various known and unknown risks and uncertainties and the Company cautions that any forward-looking information provided by or on behalf of the Company is not a guarantee of future results, performance or achievements. Actual results could differ materially from those anticipated in these forward-looking statements due to a number of factors, some of which are beyond the Company’s control.
In addition to those risks discussed in public filings, press releases and statements by the Company’s management, factors that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied in such forward looking statements include: (i) changes in worldwide demand for chemicals, petroleum products and other cargo shipped by the Company’s customers; (ii) the cyclical nature of the shipping markets in which the Company’s Liner Services segment operates; (iii) changes in domestic and foreign economic, political, military and market conditions; (iv) the effect of, and the costs of complying with, federal, state and foreign laws and regulations; (v) the impact of recent and future acquisitions and joint ventures by the Company on its business and financial condition; (vi) fluctuations in fuel prices; (vii) the Company’s ongoing need to be timely in replacing or rebuilding certain of its tankers and barges currently used to carry petroleum products; (viii) competition for the Company’s services in the various markets in which it operates; (ix) risks affecting the Company’s ability to operate its vessels or carry out scheduled voyages, such as catastrophic marine disaster, adverse weather and sea conditions, and oil, chemical and other hazardous substance spills; (x) the effect of pending asbestos or other toxic tort related litigation and related investigations and proceedings; (xi) the state of relations between the Company and its unionized work force as well as the effects of possible strikes or other related job actions; (xii) risks associated with the construction of articulated tug-barge units; and (xiii) risks associated with the Company’s foreign operations.
All such forward-looking statements are current only as of the date on which such statements were made. The Company does not undertake any obligation to update publicly any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
# # #