Titan, Svitzer Merger Creates Global Salvage Giant
Svitzer, salvage division of AP Moller-Maersk and Titan Salvage, a division of Crowley Maritime Corp are merging their salvage operations to create a new market leader.
In this US in shipping’s latest consolidation move, Svitzer is joining forces with Titan Salvage under a new brand called Ardent.
Ardent will collaborate Svitzer Salvage’s worldwide network of tugs and emergency response experts combining with Titan’s experience in the wreck-removal business.
Peter Pietka, the chief executive of Svitzer, who remain in the post at Ardent, commented: “The company will become an industry leader in wreck removal and emergency response. Further, while remaining integral to our new company, emergency response and wreck removal will be part of a wider ecosystem of services.”
The joint venture formed with effect from 1 May and will be headquartered in Houston, Texas. In addition, the company will have offices in the Netherlands, the UK and Singapore.
Chris Peterson, vice president of Titan Salvage, said: “This merger brings together some of the most experienced, highly regarded salvage experts in the world. Our combined strength means we can provide a stronger network in key global locations, it means best practices shared globally and it means a broad range of proven marine capabilities that will best serve the maritime industry for a long time to come.”
The financial terms of the agreement were not disclosed.
