SIU Contracts Remain in Place as MLL Acquires 3PSC (8/2)

 

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SIU-contracted Maersk Line, Limited (MLL) has issued the following news release concerning its acquisition of another Seafarers-contracted company: 3PSC. For SIU members aboard the affected vessels, it is business as usual. The union’s contracts remain in place and, as noted in a separate communication to the ships, the transition is expected to take place over a five-month period.

 

Maersk Line, Limited Completes Acquisition of 3PSC

 

Norfolk, VA, August 2, 2012 - Maersk Line, Limited (MLL) has completed its acquisition of 3PSC, a privately held ship operator based in Cape Canaveral, Florida. The closing took place today in Norfolk.

 

The acquisition demonstrates MLL’s longstanding commitment to ship operation and management services for the national defense of the United States, and solidifies MLL’s position as a leading government contractor.

 

Under the terms of the agreement, MLL will take over 3PSC’s current contract for the operation and maintenance of special mission ships owned by the U.S. Navy’s Military Sealift Command. MLL plans to integrate 3PSC operations into its Norfolk headquarters by the end of the calendar year.

 

“Through the acquisition of 3PSC, MLL will continue its tradition of providing outstanding ship operation and maintenance services to the Military Sealift Command,” said John F. Reinhart, President and CEO of MLL. “During our visits to the Cape Canaveral office, we have been impressed by the technical expertise and professionalism of the 3PSC team. We are pleased to have them join Maersk Line, Limited.

 

“We see a lot of promise in the vessel operation and maintenance segment,” said Reinhart. “The integration of 3PSC will strengthen our team and capabilities. We look forward to competing for new opportunities, for the Military Sealift Command and other programs that support the National Defense requirements.”

 

3PSC was founded in 2002, although its corporate history extends back to 1986. As an operator and manager of vessels for the Military Sealift Command, 3PSC is known for its customer responsiveness and efficiency, traits that correspond with MLL’s values and business practices. 3PSC has about 20 employees and an esteemed management team led by Gary King, the founder and President and Chief Executive Officer of 3PSC. Mr. King will leave 3PSC as part of the agreement.

 

“Gary’s leadership has been central to 3PSC’s success,” said Reinhart. “He is an excellent businessman, patriot and gentleman, and we wish him and his family all the best in the future.”

 

MLL is an American company based in Norfolk, Virginia and is a leading provider of ship management, marine engineering, and chartering services. As a ship owner, vessel operations and maintenance are core competencies. MLL’s diverse experience includes container vessels, tankers, roll-on/roll-off vessels, MPV heavy lift, large government supply ships, and various special mission vessels. MLL applies its engineering expertise to improve the lifecycle strategies of marine assets and provide innovative designs for new and repurposed vessels. Its record of success has made MLL the largest U.S. shipping company engaged in international trade and a leading charterer and contract operator for the U.S. government.

 

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