Fairwater integrates Crowley
and SEACOR's petroleum and chemical transportation vessels,
capabilities and personnel to provide U.S. Jones Act shipping
solutions.
FORT
LAUDERDALE and JACKSONVILLE,
Fla., Aug. 1, 2024 /PRNewswire-PRWeb/
-- 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
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.
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.
Media Contact
David DeCamp, Crowley,
904-727-4263, David.DeCamp@crowley.com, www.crowley.com
Priscilla Levy, SEACOR Holdings,
(954) 523-2200, communications@seacorholdings.com
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SOURCE Crowley