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Group the Companies of the Group & Its Assets

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Group the Companies of the Group & Its Assets GROUP THE COMPANIES OF THE GROUP & ITS ASSETS. “POSEIDON DIVING CO.” was founded in 1992, at Piraeus, by Vassilios Vergos.The founder have had an experience of more than 30 years on salvage, underwater and marine related operations. The invaluable degree of know-how gained throughout all these years has rendered “POSEIDON” a highly specialised company in the above field of marine operations. Along with specialization, “POSEIDON” has quickly developed into an integrated, though still flexible, group of companies, which offers a wide range of services. The group, now, consists of the following Greek companies: (i) “POSEIDON SALVAGE – TOWAGE MARITIME CO.” (ii) “POSEIDON SEA CARE MARITIME CO.” (iii) “POSEIDON FLOATING CRANES MARITIME CO.” (iv) “POSEIDON DIVING CO.” In recent years, special emphasis has been given on optimizing prevention and elimination of sea pollution in all operations. In this context, acquisition of further Antipollution Vessels and equipment is planned. In anticipation, further, to the changing demands of the market, “POSEIDON” is continuously investing in new means, equipment and technology, notwithstanding, also, the continuous training in new techniques and the professional development of its personnel. It should be noted that “POSEIDON” grew up in the traditional way, using alone its own capital, without raising any loans from commercial banks and/or financial institutions. In this respect, the company’s financial records, cash flow, and reputation in the industry are of an eminent status. The fleet of “POSEIDON” consists of the following: (i) The Tug-Research Vessel “ALEXANDROS VERGOS”. (ii) The Mother Vessel / Floating Crane “VERGINA I” of lifting capacity 50 tons. (iii) The Floating Split Barge “VERGINA II”. (iv) The Floating Barge “VERGINA III” (v) The Diving Support Vessel “VERGOS”. (vi) The Antipollution (Oil Debris Skimmer) Vessel “POSEIDON IV” with special (catamaran) hull shape, which allows efficient oil recovery at a speed of 100 tons / hour. (iii) Specialised Salvage Equipment. • Compressors - Portable Electric Low Pressure Compressors for Divers’ Breathing Air; - Portable Electric High Pressure Compressors for Divers’ Breathing Air for filling Diving Air Bottles; - Portable Diesel Low Pressure Compressors for Industrial Use. • Pumps - Hydraulic Submersible Pumps of Anti-Explosive type and of Varying Sizes/ Capacities; - Electrical Submersible Pumps of Varying Sizes/ Capacities; - Diesel Pumps of Varying Sizes/ Capacities; - Air Pumps of Anti-Explosive Type and of Varying Sizes/ Capacities - High Pressure /Jetting Pumps • Generators - Portable Generator of 120 KWA (380V /220V); - Portable Generator of 60 KWA (380/220 V); - Portable Generator of 12 KWA (220 V); - Distribution Boards. • Hoses - Air Hoses of Varying Sizes; - Hydraulic Hoses of Varying Sizes; - Heavy Duty Hoses of Varying Sizes. • Marine Equipment for General Use - Inverter Welding Machines; - Electrically Driven Rotary Welding Machine; - Rotary Welding Machine with Engine; - Oxygen/ Acetylene Bottles for Industrial Use; - Propanium Bottles for Industrial Use; - High Pressure Cleaning and Washing Machines (200 & 400 BAR) with Hot Water 180 Co; - Hydraulic Pressure Unit for Pressing End of Rubber Hoses (Pressing Capacity from ¼΄΄ to 2½΄΄); - A number of Chucks (50 to 100 tons); - Air Lift Bags of various Lifting Capacities ranging from 1 to 5 tons; - A number of Slings, Wire Coils of varying sizes (of length & diameter), & Guide Blocks up to 40 tons; - A number of Buoys (Vol.of approx. 40lt each) & a number of Steel Buoys (Vol. of approx. 500lt each); - Marine Shackles: A multitude of Shackles in varying sizes/ types of SWL up to 35 tons; (iv) Equipment for Construction Works • Portable Dredging Pump (Pumping Capacity of 1,200m3/hr); • Underwater Hydraulic Excavator (Operational Working Depth up to 60 mtrs). It should be stressed with regard to the company’s assets that the largest and, to a certain extent, invaluable asset of “POSEIDON” is its personnel and its management. In Salvage operations people make things happen and “POSEIDON” has trained people who know how to go about the work with the equipment on hand. Specialization, through the years, with emphasis on the salvage know-how and the specialized equipment is the largest asset of “POSEIDON”. THE ‘KNOW-HOW’, TECHNICAL CAPABILITIES & EXPERIENCE OF ‘POSEIDON’ As it has been described previously, Salvage operations require the best available techniques and equipment for optimum results. Timing and fast response is of crucial importance. Backed up by experienced and trained professionals and specialized equipment, “POSEIDON” has the ‘know-how’ and technical capability to respond and promptly, efficiently, and on an urgent basis, undertake and successfully carry out any of following tasks. 1. MARINE EMERGENCY/ SALVAGE OPERATIONS “POSEIDON”, having had the experience of various national and international Salvage operations of differing types, with a whole range of diversified operational requirements, and with unknown levels of difficulty, is capable of responding fast with professionalism to any ‘Casualty’ challenge. Services under this head include: • Marine Emergency Response • Salvage/ Towage/ Escort Services • Assistance during/ after Collision Casualties • Firefighting • Refloating • Wreck Removal • Anchor Handling • Lost Anchors & Chains Recovery • Quick Disentanglement of Fouled Anchors • Loading & Transporting of Heavy Units with the use of Floating Crane & Barges • Cargo Lightering Works • Cargo Recovery/ Transfer/ Discharge • Pumping Out & De-Oiling Operations • Dewatering of Flooded Compartments • Machinery Preservation and Corrosion Control 2. ANTIPOLLUTION OPERATIONS Protection of marine environment is an essential aspect of Salvage. The Antipollution department is in position to protect coastal waters by mobilizing specialized equipment (such as antipollution vessel, oil skimmers, oil booms etc.) and removing potential threats before they become a problem. “POSEIDON”, having dealt with a number of oil spill cases and having recovered fuel and pollutant materials from a number of grounded and/or sunken vessels, has gained significant experience in this field. Services under this head include: • Protection of Marine Environment & Preventing/Averting Marine Pollution • General Pollution Control & Containment (Deployment of Booms) • Collection of Marine Pollutants and Cleaning • Bunkers’ Removal/ Transfer • De-Oiling • Ship to Ship/ Ship to Shore Transfer Operation 3. DIVING & UNDERWATER OPERATIONS The underwater services department of “POSEIDON” is the oldest of all and, by being successfully operated all these years, has built up a solid reputation within the shipping industry. It goes without saying, that “POSEIDON” has been approved for its underwater surveying services by all major “CLASSIFICATION SOCIETIES”. In the field of underwater search and recovery, “POSEIDON” has an incomparable track record as it has, among others, successfully carried out the DEEPEST RECOVERY OPERATION IN GREECE; the recovery of an helicopter’s wreckage from a sea depth of –265 mtrs. Services under this head include: • Search & Recovery Services up to a sea depth of -1000 mtrs, by use of company’s R.O.V. • In-Water Surveys in lieu of Dry Docking according to Regulations of all Class Societies • Damage Surveys/ Video Inspection • Underwater Temporary Collision Repairs • Water Inlet & Outlet Cleaning/ Patching • Underwater Ultrasonic Thickness Measurements • Underwater Hull Cleaning & Propeller Polishing • Wet & Dry (CODED) Welding & Cutting • Underwater Anodes’ Replacement 4. UNDERWATER ENGINEERING “POSEIDON”, further, undertakes underwater engineering projects. In 1998, “POSEIDON”, successfully, completed, as subcontractor of “Alcatel Cables Hellas S.A.”, the laying and burial of fiber optic cables connecting Greek islands (Mykonos – Patmos – Leros – Kalymnos – Kos – Rodos) by operating specialized equipment such as underwater excavators, trenching and jetting machinery. Services under this head include: • Power & Telecommunication Cable Laying & Protection • Power & Telecommunication Cable Repairs • Dredging • Port/ Harbour/ Marinas/ Lakes Sea Bottom Cleaning/ Treatment “POSEIDON” has undertaken numerous projects to successful completion irrespectively of the degree of difficulty and complexity, and, most importantly, to the complete satisfaction of the interests concerned, such as Shipowners, H&M Underwriters, P&I Clubs, the Hellenic Coast Guard and Authorities, the American Navy, ITOPF etc. As a result, “POSEIDON” is a professional Salvage company fully recognised by Lloyd’s arbitrators and the maritime industry. As to the experience, track record and, in particular, projects/Casualties undertaken by “POSEIDON” throughout the years, we would refer the reader to the company’s Brochure available in this office where, an overview of the Group and selected jobs/Casualties are presented. THE OPERATIONAL MODUS & REGULAR CASH-FLOW OF ‘POSEIDON’. As it has been understood,salvage work is neither regular nor predictable. Naturally, this fact might put in question the company’s regular cash-flow, for, whereas in a ‘conventional’ tug owning company the core business (that is, for instance, harbour towage and/or coastal/ open sea towages on commercial terms) yields the regular cash flow, this is not the case for “POSEIDON”, which neither owns tugs for such operations, nor does it offer such services. Strangely enough, “POSEIDON’S” origin is not the towage industry, as it is the case with
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