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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 11, 2008

Crowley Maritime buys Jensen Maritime Consultants

Crowley Maritime Corporation announced today the acquisition of Seattle-based Jensen Maritime Consultants, a naval architecture and marine engineering firm with more than 45 years experience designing and engineering a variety of different commercial vessels.

Jensen, which has 19 employees, will remain an independent company with its offices in Seattle, and will continue to serve its current clientele while supporting Crowley.

"Crowley's investment in Jensen Maritime provides our technical services group with a key marine engineering and naval architecture resource to supplement our existing capabilities and to provide an even better, more comprehensive suite of services to customers," said Tom Crowley, chairman, president and CEO. "Crowley's technical services unit is in business to provide customers with solutions to some of their most complex marine engineering challenges - from designing new vessels to overseeing new build programs to technically managing their vessels. We're able to provide turnkey solutions that consistently meet our customers' requirements."

"Jensen Maritime is a great company with an excellent reputation in the industry," said Steve Collar, Crowley's senior vice president and general manager of technical services. "We are very pleased to bring the capabilities of their highly trained staff of experienced naval architects and marine engineers to our current and future customers."

Jensen Maritime's experience spans all aspects of boat and vessel design and engineering. The company has designed fishing boats, fireboats, patrol boats, ferries and tugboats. Jensen also has extensive experience with vessel modifications, such as lengthening, deepening, and sponsoning. Onsite consulting services are provided anywhere in the world, and Jensen can also assist with project management, price negotiations, feasibility studies, surveys, reports, contract negotiations and design regulatory agency representation.

"Crowley has a superb reputation in the industry, and this arrangement will offer us access to different areas of the marine field that we would normally not be able to obtain," said Jonathan Parrott, president of Jensen Maritime. "We want to stress that Jensen will continue to support our existing clientele, especially in the fisheries. Crowley recognizes that much of our work is in fields outside of their normal business spheres, and they feel that it is extremely important that Jensen continue to support their existing clients. Joining with Crowley presents Jensen with a unique opportunity to increase our technical capabilities to support Crowley, Crowley's clients and Jensen's existing clients. We feel it is a win-win situation for all of the parties involved."


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