Saltchuk renames coastal tug and barge operations Foss Marine Holdings

JULY 2, 2012 — SEATTLE, July 2, 2012 — America’s largest coastal tug and barge operator, Saltchuk Resources’ Marine Resources Group is taking a new – but widely recognized – name: Foss Marine Holdings, Inc.

Company officials announced the name change. today that Marine Resources Group (MRG) is becoming Foss Marine Holdings. The Foss name – which celebrates a rich maritime tradition that includes century-long service and a record of innovation – will now represent a family of independent subsidiary companies that spans North America and the globe. With 130 tugs and barges, the rechristened company has oversight of a number of independent companies that make up the largest coastal tug and barge fleet in the U.S.

“The Foss name is already one of the maritime industry’s most recognizable and respected brands,” said Foss Marine Holdings’ Chief Executive Officer Paul Stevens. “The world’s first hybrid tug carries the Foss name. Customers requiring marine support, even in the world’s most extreme environments, are well aware of our companies’ emphasis on performance and safety. Rechristening MRG to Foss Marine Holdings capitalizes on our long history and prepares us for future growth.”

Established as MRG in 2000, by Saltchuk Resources Inc., Foss Marine Holdings is a holding and support company for Saltchuk’s investments in the tug, barge and ancillary marine service companies. The decision to use the Foss name will lend market strength and recognition to all Foss Marine Holdings companies, which include:

• Foss Maritime Company, based in Seattle;
• AMNAV Maritime Services, based in San Francisco;
• Hawaiian Tug & Barge, based in Honolulu;
• Young Brothers, based in Honolulu; and,
• Cook Inlet Tug & Barge, based in Anchorage.

Foss Marine Holdings, Inc., based in Seattle, Wash., was established in 2000 by Saltchuk Resources Inc. as a holding and support company for investments in tug, barge and ancillary marine service companies. Foss Marine Holdings tug and barge companies offer a broad range of marine services. See www.foss.com for more information.