Crescent Unifies Ownership

July 1, 2002

U.K. shipping and transport group Crescent has unified its ownership structure. As of June 28, 2002, Crescent is wholly owned by the Bahamas-based Clipper Group. "It has been a great challenge to work with Clipper to focus and develop Crescent after its separation from the Hays transport group. It is a good time now for me to move on to new entrepreneurial challenges, and for Crescent to benefit from the backing which only a major group like Clipper can provide," says Hutch Wright, who is stepping down as Crescent CEO. Torben G Jensen, chairman and CEO of the Clipper Group, says, "We believe that Crescent offers opportunities for growth in interesting sectors, and we are happy to have had the opportunity first to develop it with Hutch Wright, and now to take over the company completely. We will be active owners, and you can expect new developments." Kevin Hobbs, Crescent's newly appointed chief executive, says, "With the single-minded backing of Clipper we can focus on developing our two core sectors. Those are our high-intensity coastal tanker fleet and our freight ferry operations, and we are actively working on new projects in both areas."

Crescent Unifies Ownership

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