FORT
LAUDERDALE, Fla. and JACKSONVILLE,
Fla., Aug. 1, 2024 /PRNewswire/ -- Crowley and
SEACOR Holdings ("SEACOR") jointly announced today the successful
formation of Fairwater Holdings LLC ("Fairwater"). Fairwater, an
independent U.S. company, integrates Crowley and SEACOR's petroleum
and chemical transportation vessels, capabilities and personnel to
provide U.S. Jones Act shipping solutions.
Fairwater is active in all major Jones Act coastwise tank vessel
trades, differentiating it from industry peers, and supports the
transportation of petroleum products, chemical and specialty
parcels, as well as Alaskan crude oil. The fleet consists of 31
owned vessels, including both "ECO" and conventional medium-range
product tankers, 114,000 DWT Aframax tankers and articulated
tug-barges (ATBs) with varying enhancements and capabilities.
Fairwater also provides ship management services for a diverse
fleet of 20 third-party owned vessels.
"I am excited to lead a team of nearly 1,700 seagoing and
shoreside professionals under the new Fairwater banner," said
Daniel Thorogood, CEO of Fairwater
and former CEO of Seabulk. "Our geographic reach, operational and
technical expertise, and the diversity of our assets enables
Fairwater to serve as the industry's next-generation provider of
safe, highly flexible and reliable energy transportation
solutions."
"Fairwater creates a new, dynamic leader with the broadest
capabilities in our domestic industry for customers and carries
forward the shared legacy of value, efficiency and high performance
by Crowley and SEACOR," said Tom
Crowley, chairman and CEO of the Crowley Corporation, who
also serves as chairman of Fairwater.
"Together, with Crowley, we stand ready to support the business
as it solidifies its position in the market and explores new
avenues of sustainable, long-term growth across the coastwise
trades and other adjacent markets," said Eric Fabrikant, CEO of SEACOR.
Fairwater's seagoing and shoreside operations are headquartered
in Fort Lauderdale, Florida, with
offices in Fairfield, Connecticut;
Houston; Jacksonville, Florida; and Seattle.
Milbank LLP, Watson Farley & Williams LLP and Baker Botts
L.L.P. acted as legal advisors to SEACOR. Vinson & Elkins LLP
acted as legal advisor to Crowley. J.P. Morgan acted as financial advisor to
Fairwater.
About Crowley
Crowley is a privately held, U.S.-owned and -operated maritime,
energy and logistics solutions company serving commercial and
government sectors with $3.5 billion
in annual revenues, over 170 vessels mostly in the Jones Act fleet
and approximately 7,000 employees around the world throughout its
enterprise and associated companies – employing more U.S. mariners
than any other company. The Crowley enterprise has invested more
than $3.2 billion in maritime
transport, which is the backbone of global trade and the global
economy. As a global ship owner-operator and services provider with
more than 130 years of innovation and a commitment to
sustainability, the company serves customers in 36 nations and
island territories. Additional information about Crowley, its
business units and subsidiaries can be found at
www.crowley.com.
About SEACOR
SEACOR Holdings Inc., a portfolio company of American Industrial
Partners, is a diversified holding company with interests in
domestic and international transportation and logistics assets.
American Industrial Partners is an operationally-oriented private
equity investor that is distinctively focused on buying industrial
businesses with operations in the U.S., Canada, and other developed markets and
creating value through business building strategies. American
Industrial Partners manages more than $16
billion on behalf of its limited partners. For more
information, please visit www.americanindustrial.com.
CONTACTS:
|
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Crowley
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David DeCamp
|
Torey Vogel
|
Director, Corporate
Communications
|
Specialist, Corporate
Communications
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(904)
727-4263
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(904)
726-4536
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david.decamp@crowley.com
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torey.vogel@crowley.com
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SEACOR
Holdings
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Priscilla
Levy
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Director, Corporate
Development and Communications
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(954)
523-2200
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communications@seacorholdings.com
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SOURCE Crowley