Today, Governor Bobby Jindal, joined by Settoon Towing LLC President and CEO Russ Settoon, christened the M/V Fred A. Settoon towboat and marked the creation of 135 new permanent jobs, at a salary of $81,000, plus benefits, during a three-year capital expansion that will total $155 million.
Governor Jindal and members of the Settoon family dedicated the latest boat to join the fleet, one that’s named for the family business pioneer, Fred Settoon. The nearly 100-foot vessel, built at a cost of more than $4 million, joins a Settoon fleet that now numbers more than 50 vessels and 110 barges. The company has completed 70 percent of the $155 million expansion that, by 2012, will see the commissioning of nearly 50 boats and barges to Settoon Towing’s business of transporting petrochemical products along the Gulf Intracoastal Waterway and the
Governor Jindal said, “We took office with a mission of helping
Settoon Towing now employs 282 people and the company’s corporate headquarters is located on
“The christening of the M/V Fred A. Settoon highlights the aggressive growth we have pursued over the last four years,” said Russ Settoon. "This vessel is one of many new vessels built recently under our expansion program moving us into new services and larger markets. The strength and size of our fleet represents the continued tradition of excellence at Settoon Towing LLC.”
The company, which supports implementation of new U.S. Coast Guard safety regulations for the towing industry, develops boats that meet or exceed Coast Guard standards, and Settoon Towing operates one of the youngest fleets in the industry. In partnership with