Savage completes purchase of Settoon liquid bulk assets

APRIL 7, 2017 — Effective April 4, 2017, Savage Inland Marine, LLC, a subsidiary of Savage Companies, has completed its previously announced purchase of the Liquid Bulk division assets of Settoon Towing LLC which include 35 towboats and 63 liquid tank barges with a total capacity of nearly 2 million barrels.

The purchase does not include Settoon's Gathering & Storage business line.

Savage says the acquisition provides with a scalable platform for building its marine business going forward.

With the addition of these vessels, Savage's marine capabilities include the transport of a variety of liquid products on the Intracoastal and inland waterways, as well as barge fleeting, towing and dock services on the U.S. Gulf Coast.

Mike Ellis, Settoon Towing's former president, had previously joined Savage to lead its Marine Solutions Group, and more than 230 former Settoon employees have become Savage Team Members. Operations management will continue to be based out of a newly built, state-of-the-art operations and training center in Gibson, LA, and at offices in Baton Rouge, LA and Bridge City, TX.

"Acquiring these strategic assets significantly accelerates our growth in the marine market and adds breadth and depth to the supply chain solutions we offer," said Kirk Aubry, Savage President and Chief Executive Officer. "We're pleased to welcome our new Team Members from Settoon and excited to have Mike Ellis and his team on board to lead our marine business. Their operational experience, industry expertise and customer relationships will help ensure a seamless transition."

"I'm excited about the opportunities Savage provides for our team and for our customers who will all benefit from the marine and logistics services we offer," said Mike Ellis, Savage Executive Vice President and Group Leader. "With growth in the petrochemical industry and expansion of refineries along the Intracoastal and inland waterways, having a transportation and logistics provider like Savage brings great value for customers that depend on safe and reliable service for their continued success."

Savage Inland Marine is an American Waterways Operators member and AWO accredited Responsible Carrier, and is a member of the Louisiana Association of Waterways and Shipyards, Texas Waterway Operators Association, Gulf Intracoastal Canal Association, Mississippi Valley Trade & Transport Council and Oil Companies International Marine Forum.

In addition to its marine capabilities, Savage provides other supply chain and industrial services in the Gulf Coast region that include rail and refinery services, terminal operations, transloading and truck transportation.

Founded in 1946, Savage is a privately owned supply-chain solutions and industrial services company based in Salt Lake City, Utah,

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