October 26, 2003NRC to acquire Foss Environmental Services
Seacor Smit, Inc.'s National Response Corporation (NRC), is to acquire Foss Environmental Services (FES) from SaltChuk Resources, Inc.
FES will be renamed NRC Environmental Services. It will operate as an independent wholly owned NRC subsidiary
Through the acquisition, NRC will acquire additional spill response resources and existing contracts, and employ more than 175 people throughout U.S. West Coast.
NRC personnel and equipment in California will more than exceed the requirements of new California regulations, which are currently being phased in.
Combined with NRC's existing West Coast based assets--including four ocean certified vessels strategically located from Neah Bay, Wash., to Long Beach, Calif., the acquisition will result in the largest commercial spill response and environmental contracting organization operating in the States of California, Oregon, Washington and Hawaii.
Completion of the transaction is subject to the approval of SaltChuk's and NRC's Boards of Directors. The parties anticipate that the transaction will be completed by the end of October 2003.
FES COO Todd Roloff remarked: "We look forward to FES becoming an important part of NRC. The companies' activities are well matched and this transaction will enable NRC to strengthen its emergency response business and at the same time enhance FES's more traditional land based environmental contracting and industrial services business."
SaltChuk's other operating companies, principally Foss Maritime, have signed long term service agreements with NRC to both support and benefit from NRC's enhanced services.
Steven Candito, President of NRC, commented: "This acquisition is in line with our operating philosophy of optimizing the mix of dedicated NRC resources and non-dedicated local resources in order to provide our customers with the best services at competitive prices. A critical element in accomplishing this goal is to ensure that non-dedicated personnel and equipment are routinely used in related work, such as land based environmental contracting projects, where they are immediately available for emergency response events. The acquisition of FES clearly supports this effort.
National Response Corporation is the largest commercial oil spill response organization in the United States with a client base of over 450 vessel owning, integrated oil, exploration & production and power generating companies, as well as airlines and trucking firms.