Crowley Acquires Salvage Company Titan Maritime

October 5, 2005

Crowley Maritime Corporation announced 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. 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. 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.

Crowley Acquires Salvage Company Titan Maritime

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