Posted on August 5, 2024
Crowley and SEACOR Holdings (“SEACOR”) jointly announced today the successful formation of Fairwater Holdings LLC (“Fairwater”). Fairwater, an independent U.S. company, integrates Crowley and SEACOR’s petroleum and chemical transportation vessels, capabilities and personnel to provide U.S. Jones Act shipping solutions.
Fairwater is active in all major Jones Act coastwise tank vessel trades, differentiating it from industry peers, and supports the transportation of petroleum products, chemical and specialty parcels, as well as Alaskan crude oil. The fleet consists of 31 owned vessels, including both “ECO” and conventional medium-range product tankers, 114,000 DWT Aframax tankers and articulated tug-barges (ATBs) with varying enhancements and capabilities. Fairwater also provides ship management services for a diverse fleet of 20 third-party owned vessels.
“I am excited to lead a team of nearly 1,700 seagoing and shoreside professionals under the new Fairwater banner,” said Daniel Thorogood, CEO of Fairwater and former CEO of Seabulk. “Our geographic reach, operational and technical expertise, and the diversity of our assets enables Fairwater to serve as the industry’s next-generation provider of safe, highly flexible and reliable energy transportation solutions.”
“Fairwater creates a new, dynamic leader with the broadest capabilities in our domestic industry for customers and carries forward the shared legacy of value, efficiency and high performance by Crowley and SEACOR,” said Tom Crowley, chairman and CEO of the Crowley Corporation, who also serves as chairman of Fairwater.
“Together, with Crowley, we stand ready to support the business as it solidifies its position in the market and explores new avenues of sustainable, long-term growth across the coastwise trades and other adjacent markets,” said Eric Fabrikant, CEO of SEACOR.
Fairwater’s seagoing and shoreside operations are headquartered in Fort Lauderdale, Florida, with offices in Fairfield, Connecticut; Houston; Jacksonville, Florida; and Seattle.
Milbank LLP, Watson Farley & Williams LLP and Baker Botts L.L.P. acted as legal advisors to SEACOR. Vinson & Elkins LLP acted as legal advisor to Crowley. J.P. Morgan acted as financial advisor to Fairwater.
