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J. Barry Snyder, president and CEO, Signet Maritime Corporation and John H. Colle, Jr., president, Colle Towing Company finalizing the purchase of Colle Towing and Colle Shipbuilding and Repair

July 15, 2010

Signet Maritime completes Colle purchase

Houston-headquartered Signet Maritime Corporation has finalized the purchase of the assets and business operations of Pascagoula, Miss., based Colle Towing Company

Assets and personnel in Pascagoula will begin operations immediately under the new name, Colle Maritime Company, a Division of Signet Maritime Corporation. The company operates tugs for the Port of Pascagoula in both the Bayou Casotte and Pascagoula River Ports and operates a full-service shipyard and 600 ton Travelift for repair of vessels and barges.

Signet and Colle were recently awarded a twenty-year contract to provide marine services to Angola LNG Supply Services (ALSS) in the Port of Pascagoula, Mississippi. The agreement, to commence third quarter 2011, includes options to extend for up to ten additional years.

J. Barry Snyder, president and chief executive officer of the combined companies said, "Through this transaction we have strengthened our company, added depth to our fleet and fortified our position in the Port of Pascagoula. It's been a busy year for us with the ALSS LNG contract, the acquisition of Colle, and the construction of three new tugs - two for LNG and one ASD here at Colle Shipbuilding & Repair, also a division of Signet Maritime Corporation. The same proud service which Colle has provided for over 100 years will be maintained by Colle Maritime and enhanced by Signet's ISO 9001:2008, ISM, STCW 95, MTSA, AWO-RCP certifications by the end of October 2010."

"We are pleased to report all Colle employees have been offered employment with Colle Maritime and have accepted," Mr. Snyder said,

"Signet will continue to expand its international marine transportation and logistics services, with concentration in the Americas, Africa and the Middle East," he added.

In addition to Houston and Pascagoula, Signet Maritime has facilities in Morgan City, La., Ingleside and Brownsville, Texas,; Dubai UAE, and Brazil.. Signet's fleet now includes 32 owned and bareboat vessels, including ocean and harbor tugs, two ocean heavy lift deck barges, three inland deck barges and three ASD tugs under construction.


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