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THE CREDIT CRUNCH AND SHIPBUILDING
World shipyards have a record order backlog. What effect will the global credit crunch have?

No effect
A slow down in new orders
Cancellation of some existing orders
Cancellation of many exisiting orders

Marine Log

April 10, 2008

MacGregor buys GoM offshore crane specialist

MacGregor has signed an agreement to acquire Slidell, La., headquartered Platform Crane Services International Inc.

MacGregor-- part of Cargotec Corporation --has already established services to be close to offshore customers in two key regions, North Sea and Asia Pacific, and is now expanding its presence in the important Americas and Gulf of Mexico area.

PCS was established in 1983 and, as well as Slidell, has offices in Lafayette, Houston and Del Carmen in Mexico. Net sales in 2007 were US$16 million and it employs 105 people. PCS specialises in the service, repair and maintenance of marine and offshore cranes with an emphasis on Gulf of Mexico installations. The product and service offering also includes inspections, load testing and installations.

"Expanding into the offshore sector matched our strategy of pursuing growth by strengthening our existing capabilities organically and by acquiring suitable companies in promising sectors and regions as opportunities arise," says Olli Isotalo, president of MacGregor. "Now the opportunity has arisen and acquiring Platform Crane Services International Inc .ideally supports our overall strategy of providing offshore service to global markets, but also to support the regional growth of the whole MacGregor Group in the Gulf of Mexico area."

"With the global recognition of MacGregor as the market leader in marine cargo handling solutions PCS will be able to tap on the technological expertise, market presence and extensive global service network to expand further and provide better solutions to our customers," states Ryan J. Richard who is the President and majority shareholder of PCS. Richard goes on to add, "By joining the MacGregor team, PCS and its loyal employees will be able to grow and reach new heights than previously imagined. We are especially grateful to our Founder and retiring CEO Paul Richard, Sr. for his 25 years of hard work and guidance, for without his leadership this opportunity would not be possible."

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