2001 Maritime
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MARINE LOG AWARDS

November 21, 2001

Wärtsilä may buy John Crane-Lips
Smiths Group and Wärtsilä Corporation announce that they are in exclusive discussions regarding a possible sale by Smiths Group of John Crane-Lips to Wärtsilä.

Wärtsilä and John Crane-Lips entered into a strategic alliance in October 2000 to provide total marine propulsion power systems through the Wärtsilä network. The acquisition of John Crane Lips would generate additional sales of more than EUR 200 million for the Marine & Licensing division of Wärtsilä.

A definitive sale agreement would be subject to the approval of relevant authorities and the two companies say further announcements will be made "as and when appropriate."

John Crane-Lips is a supplier of integrated marine propulsion systems and marine seals and bearings. It employs about 1,300 people in Holland, the UK, Norway, Japan and the USA. The company is profitable.

Titan joins MRA
The directors of Seattle-based Marine Response Alliance LLC (MRA) announced today that Titan Maritime LLC (Titan) has joined the alliance as a full and equal member, effective immediately. Titan joins the other MRA member companies Marine Pollution Control Corporation (MPC) and Crowley Marine Services, Inc. (Crowley), to provide comprehensive emergency response services, offering OPA ’90 compliant capabilities for rescue towing, lightering, fendering, salvage and fire fighting services in all U.S. Captain of the Port zones.

“We believe we offer the most complete package of services available - Crowley for rescue towing and tug and barge services, MPC for lightering, fendering and cargo transfers, and Titan for marine salvage and wreck removal services,” said Todd Busch, one of the directors of the alliance. “All three alliance member-companies will provide initial response fire fighting services with owned equipment and third party resources.”

“This change should be entirely transparent to our existing customers, and an easy transition for new customers,” said Jeff Taylor, MRA General Manger. “All of Titan’s OPA 90 customers will remain covered through 2001, and we will be contacting each one within the next few weeks to ensure coverage for 2002 and beyond.”

Since 1994, MRA has provided emergency services through a “one call” approach for both drills and actual response efforts. Operating now as a limited liability company joint venture enterprise, the alliance relies on the member companies’ equipment and personnel and on their network of subcontractors to initiate emergency response within hours of notice. MRA Member companies Crowley Marine Services, Marine Pollution Control, and Titan Maritime are listed by the International Group of P & I Clubs as approved contractors, in compliance with the Group’s indemnity clauses. MRA is also qualified as the required by the California Code of Regulations, Title 14.

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