Crowley to Acquire Titan Maritime, LLC

Crowley Maritime Corporation Chairman, President and CEO Tom Crowley Jr. announced at the International Salvage Union's annual dinner. Crowley said that his company has reached agreement with the owners of Titan Maritime, LLC to acquire the company. The deal is expected to close within the next 30 days.

Crowley made the announcement to an audience of about 60 salvors from around the world who had gathered for dinner at the Columbia Tower Club in Seattle as part of the weeklong International Salvage Union's annual conference. He said additional details would be provided after the closing.

Titan, founded in 1980 by David Parrot, is a worldwide salvage company that is headquartered in Ft. Lauderdale, Fla., with offices in Newhaven, UK 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.

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. Additional information about Crowley its subsidiaries and business units may be found on the Internet at http://www.crowley.com.