Busch has been with Crowley for 17 years, and has held management roles in ship assist, escort and contract towing services and emergency response.

Announcing the takeover, Tom Crowley Jr, chairman, president and CEO of Crowley said, 'The new company will take advantage of the experienced personnel, specialised equipment and proven track record at Titan, and the large tug and barge fleet, diversified business lines, and financial strength of Crowley, to grow the business.'

'The synergies and strengths of the combined companies will result in better service to our customers, both domestically and internationally, as well as provide the opportunity to explore new areas of business development, added Todd Busch. 'We have worked closely with Titan on a number of projects and I know they share our commitment to excellence and customer service.'

Titan will remain at their headquarters in Fort. Lauderdale and will continue with salvage and wreck removal as its core business. The salvors also have offices and other facilities in Britain at Newhaven, Singapore and Sao Paulo, Brazil and equipment depots in Batam, Indonesia and Dubai, UAE. Over the past 25 years, Titan has performed more than 200 salvage and wreck removal projects worldwide. Many of these operation have been carried out using highly innovative and sometime spectacular methods.

Speaking of the deal, Titan founder David Parrot said, 'Crowley brings resources, assets and 113 years of experience in the maritime industry to this deal. Together we can help Titan to grow to a much larger and stronger company.'

The Crowley Maritime Corporation, founded in 1892, is primarily a family and employee-owned company that provides diversified transportation and logistics services in domestic and international markets by means of four operating lines of business: Liner Services;

Logistics Services; Petroleum Services; and Marine Services. The latter incorporates one of the world's largest tug fleets, undertaking contract towing and tug and barge transportation, shiphandling and escort towing, salvage and emergency response services, vessel management, petroleum and chemical transportation, distribution and sales.