FOSS MARITIME ACQUIRES EAST COAST TUG COMPANY CONSTELLATION TUG

Foss Maritime Company, a Seattle-based marine services company with the largest fleets of tugs and barges on the U.S. West Coast, announced its expansion to the U.S. East Coast with the acquisition of Constellation Tug Company of Charlestown, Massachusetts. With the planned introduction of new, technologically advanced tractor tugs to the Constellation fleet, Foss will increase its capacity and capabilities, and improve service for Boston Harbor and its customers.

Foss has agreed to acquire the equipment, assets, and trade names of Constellation Tug, and will operate the company as a subsidiary under the name Constellation Maritime Company. The current Constellation management team will remain at the company. Marc Villa, a partner at Constellation Tug, has been named President, and the other partners, Conti Coluntino, Jeff Nichols, and Bob Manning have also accepted positions.

Constellation operates four tugboats and three barges in the ports of Boston, Quincy, and Salem. In late 2006, two tractor tugs will join the Constellation fleet, including one of the new Foss built “Dolphin Class ASD” tractor tugs with 5000HP and 65 short tons of Bollard pull.

“The addition of the Dolphin Class tug will put Constellation in a new class,” said Villa. Adding, “The high horse power and strong bollard pull of this 78 foot tug is ideal for Boston Harbor ship docking. By adding two additional tractor tugs to our existing fleet of conventional boats, Constellation will be able to offer extraordinary service in Boston and Massachusetts Bay.”

Paul Stevens, President and CEO of Marine Resources Group and Chairman of Foss Maritime said, “We look forward to welcoming Constellation’s employees to our company. This transaction will expand our geographical presence to the East Coast. It also increases our ship assist capacity which, we believe, strengthens Foss’ position as a leading provider of ship assist and tanker escorts in the U.S. and expands our ability to provide safe, reliable and efficient service to our customers.”

Founded in 1889, Seattle-based Foss Maritime offers a complete range of maritime services and project management to customers across the Pacific Rim, Europe, South America and around the globe. The company has harbor services and transportation operations in all major U.S. West Coast ports, including the Columbia and Snake River system. With one of the largest fleets of tugs and barges on the American West Coast, Foss is “Always Ready,” operating two shipyards and offering worldwide marine transportation, emphasizing safety and high-quality service.

Foss Maritime Company is part of Marine Resources Group, Inc. of Seattle, Washington. Marine Resources Group was established in 2000 by privately-held Saltchuk Resources, Inc. as a holding and support company for its investments in tug, barge and ancillary marine service companies. MRG has one of the largest and most capable harbor and coastal tug and barge fleets in the United States and offers a broad range of services.