Salvage & Law Seminar Titan Salvage June11

UNITED STATES +1-954-545-4143 UNITED KINGDOM +44-1273-515555

SINGAPORE +65-63187828

Matthew CallanCommercial Manager

Contractual and Operational Challenges for Salvage Operators Titan Salvage Business model for a modern international salvage company What are the major hurdles and challenges for salvage

operators Salvage of large vessels Working to contractual obligations Operating in harsh environments

Titan Salvage Founded in 1980 Completed first salvage operation in 1982 Acquired by Crowley Maritime Corporation in October 2005 Experienced salvage personnel and specialised equipment Proven track record in emergency response and wreck removal Reputation for technical and commercial innovation Operation bases spread worldwide:

− Florida, USA− Newhaven, United Kingdom− Singapore− Cairns, Australia (April 2011).

Florida

Newhaven

Singapore

Cairns

Marine Salvage Industry Globalisation• The Main Players• The ‘New’ Players

Modern Marine Salvage Company Structure

Parent Company Shareholders

Corporate Governance(Finance, Insurance, Policies etc)

Other Marine BusinessesSalvage Company

Personnel Equipment Floating Assets

Major Hurdles and Challenges Personnel Salvage of Larger Vessels• Passenger Ships• LNG Carriers• Containerships

Contractual Issues• Emergency Response• Wreck Removal

Personnel Salvage Masters Salvage Engineers Naval Architects Salvage Divers Tug Masters with salvage experience

Salvage of Larger Ships Oasis of the Seas: 362m x 60m; 6,000+ passengers; US$1.3 billion Maersk EEE: 300m x 59m; 18,000 TEU; US$180 million exc. cargo Q-Max: 345m x 54m; 266,000 m3 LNG; US$300 million exc. cargo Shell Prelude FLNG: 488m x 74m; US$3 billion – Taipei 101

Contractual Options Emergency Response• LOF • LOF with SCOPIC• Lumpsum ‘No cure, No Pay’• Daily Rate with/ without ‘No cure, No Pay’• DIY – Do It Yourself

Wreck Removal• Daily Hire• Stage Payments• Lump Sum

Contractual Difficulties Safety of Life Protection of the Environment Saving of Property Liability/ Insurance Lumpsum

Operational Difficulties Severe Weather• Very hot climates• Very cold climates• Typhoons

Remote Locations Politically sensitive regions Specially Designate Nationals

M/V NEW FLAMEOff Europa Point, Gibraltar

Salvage & Law Seminar Titan Salvage June11

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