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| | | Desgagnés purchases 3 tankers of $45 million in addition to its $250 million investment commitment
It is with great pleasure that Groupe Desgagnés announced today the acquisition, by its subsidiary Transport Desgagnés Inc., of three Canadian flagged double-hull oil and chemical tankers of 10,500 m³ capacity each. These ships have been chartered since 1998 from Ultramar by Petro-Nav, a Groupe Desgagnés subsidiary, and are operated by Rigel Shipping Canada on behalf of the previous German owners' representatives, Rigel Schiffahrts GmbH.
Mr. Brian Ritchie, President of Rigel Shipping Canada, declared being most pleased with the transaction and stated that "the transfer of ownership of the Diamond Star, Emerald Star and Jade Star to Transport Desgagnés will ensure the continued employment of our dedicated shipboard personnel for many years to come". It is to be noted that the ships' operations will continue to be managed by Rigel Shipping Canada until mid-April 2009. Mr. Ritchie also added that he "looks forward to working with the new owners in maintaining a high degree of safety and environment protection in an industry that demands excellent performance".
Mr. Louis-Marie Beaulieu, Chairman of the Board and Chief Executive Officer of Desgagnés, also stated that he was "very happy that ownership of these ships will be brought back to Canada along with all the ensuing economic spin-offs". Operations for these three ships represent over 100 permanent jobs. "Ownership of these vessels greatly strengthens the position of Desgagnés as a leading carrier of petroleum products in Canada", added Beaulieu.
It is worth emphasizing that Desgagnés, through its subsidiary Petro-Nav Inc., is the only oil and chemical products marine carrier based in the province of Quebec and, with its long-term contracts with Petro-Canada, Shell and Ultramar, is one of the largest in Canada. It is in fact Petro-Nav that will be ensuring the commercialization of the three vessels, which will be trading mainly in the Great Lakes, the St. Lawrence Seaway, the Canadian Arctic and the East coasts of Canada and the United States.
Mr. Beaulieu also declared being "quite pleased that, despite the financial crisis and the very difficult economic situation, Groupe Desgagnés was able to realize this transaction that adds itself to the $250 million in investments already engaged by the company".
With its head office in Quebec, Desgagnés is a conglomerate that has, since the 19th Century, specialized in marine carriage and transportation of liquid and solid bulk, general cargo and also passengers. With gross receipts approximating $180 million and over 800 employees in peak season, its activities also extend to marine vessel repairs and maintenance, as well as to rental and operation of heavy machinery. In addition to having three ships under construction, the company owns and operates a fleet of 16 motor vessels, with an overall deadweight of almost 165,000 mt; they cover the St. Lawrence River Network & the Great Lakes, the Canadian Eastern Arctic, the East coasts of Canada and the United States, as well as the seas worldwide. | | | |
| Québec, December 5, 2008 | | Groupe Desgagnés Inc. |
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