News: Signet Martime Inks Garrett Contract

Wednesday, November 12, 2003

Signet Maritime Corp. and Garrett Marine, Inc. executed agreements August 29, 2003, for charter and purchase of Garrett's Aransas tug business, finalizing plans that originated in 2002 to expand Signet's presence in the Aransas Pass/Ingleside region.

The Garrett family, which has been serving marine tug needs in Texas for almost 50 years, agreed to terms for handing over responsibility for tug operations to Signet for marine and construction firms in the Aransas Pass/Ingleside region.

Andy Garrett, Vice President of Garrett Marine, noted the consolidation of Garrett's tugs into Signet's fleet as "the most important task we have undertaken to enhance tug support to the Aransas Region and for our valued customers. The legacy of our 24/7 work ethic combined with Signet's demanding requirements for SAFETY, QUALITY and ECONOMY will improve service for the entire area."

Signet's Aransas Plan includes expansion of its shore and seagoing personnel workforce, support staff and maintenance facilities. Every Signet seagoing person will undergo firefighting training at Texas A&M University as well as ISM and ISO Code testing and certification to further cement Signet's position of strength. Bill Thwing, Signet Aransas Regional Manager, said, "Our commitment to customer service and SAFETY is the highest in history and is a hallmark in the 27 year dedication of quality Signet operations." In addition to the Garrett deal, Thwing notes, "We are purchasing an additional two tugs to ensure uninterrupted service to our customers."

Signet is a privately held global marine transportation and vessel management company providing worldwide transport of bulk, energy and heavy-lift project cargo shipments and marine towing. For a quarter century, Signet has specialized in marine transportation, ship management and vessel design. Contracts with GATX, Texaco, Gulf Oil, Chevron, Mobil and Military Sealift Command included the design and operation of integrated tug-barge vessels with parabolic bows and deep-notched sterns propelled by heavy fuel ocean-going tugs. These vessels moved refined petroleum products on ocean routes in the Gulf of Mexico, Central and South America, and the Atlantic Coast of the United States from Portland, Maine to Florida.

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