Titan Salvage and Svitzer are reported to be in preliminary discussions over a potential tie-up of their respective salvage businesses, according to a new report by Dow Jones News.
The report, citing a source close to the matter, said the early talks come amid a global decline in ocean salvage.
The tie-up was also reported by the maritime industry news publication Tradewinds.
“It will be a good marriage with Svitzer’s tugs responding to distress calls for towing, collisions and crew evacuations and Titan’s extensive infrastructure and expertise in wreck removals,” Dow Jones cites the source as saying. The report added that the source indicated that it was still “unclear whether the talks will conclude in a merger or a looser alliance.”
Titan Salvage is a subsidiary of Jacksonville-based Crowley Maritime Corporation and has offices in Houston, Texas; Newhaven, United Kingdom; Singapore and Cairns, Australia, as well as strategically placed agents’ offices in port cities around the world, according to its website.
Svitzer Group is part of A.P. Moller – Maersk Group and is considered a global leader in towage and emergency response, with 4,000 employees and a fleet of 430 vessels.