Signet Expands with Colle Acquisition
Signet Maritime continues to grow with their recent purchase of Colle Towing Company's assets and business operations. Assets and personnel in Pascagoula will begin operations immediately under the new name, Colle Maritime Company, a Division of Signet Maritime Corporation. Signet and Colle were recently awarded a twenty-year contract to provide marine services to Angola LNG Supply Services (ALSS) in the Port of Pascagoula, Mississippi. The agreement, to commence third quarter 2011, includes options to extend for up to ten additional years.
J. Barry Snyder, president and chief executive officer of the combined companies said, "Through this transaction we have strengthened our company, added depth to our fleet and fortified our position in the Port of Pascagoula. Its been a busy year for us with the ALSS LNG contract, the acquisition of Colle, and the construction of three new tugs–two for LNG and one ASD here at Colle Shipbuilding & Repair, also a division of Signet Maritime Corporation. The same proud service which Colle has provided for over 100 years will be maintained by Colle Maritime and enhanced by Signet's certifications by the end of October 2010."
"We are pleased to report all Colle employees have been offered employment with Colle Maritime and have accepted." Further, Snyder said, "Signet will continue to expand its international marine transportation and logistics services, with concentration in the Americas, Africa and Middle East."