SeaRiver Maritime
Encyclopedia
SeaRiver Maritime is a privately held subsidiary
wholly owned by ExxonMobil
. The company was formed in the early 1990s by Exxon when it spun off its maritime operations into the new company following the Exxon Valdez oil spill
in 1989.
In 1994, SeaRiver applied for a federal subsidy to operate tankers in the Persian Gulf. The petition stated they needed the money to stay competitive, because the S/R Mediterranean (the new name for the Exxon Valdez
vessel) was unable to operate in Prince William Sound following the passage of the Oil Pollution Act of 1990
, which prohibits the tanker from operating in that area.
In 1996, SeaRiver sought to put the S/R Mediterranean back into Prince William Sound by arguing that the Oil Pollution Act of 1990 was unconstitutional. The Act prohibits any vessel that has spilled more than a million gallons of oil from operating in Prince William Sound. SeaRiver claimed the act was retroactively being applied to the S/R Mediterranean. In 1998, a judge ruled against SeaRiver.
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
wholly owned by ExxonMobil
ExxonMobil
Exxon Mobil Corporation or ExxonMobil, is an American multinational oil and gas corporation. It is a direct descendant of John D. Rockefeller's Standard Oil company, and was formed on November 30, 1999, by the merger of Exxon and Mobil. Its headquarters are in Irving, Texas...
. The company was formed in the early 1990s by Exxon when it spun off its maritime operations into the new company following the Exxon Valdez oil spill
Exxon Valdez oil spill
The Exxon Valdez oil spill occurred in Prince William Sound, Alaska, on March 24, 1989, when the Exxon Valdez, an oil tanker bound for Long Beach, California, struck Prince William Sound's Bligh Reef and spilled of crude oil. It is considered to be one of the most devastating human-caused...
in 1989.
In 1994, SeaRiver applied for a federal subsidy to operate tankers in the Persian Gulf. The petition stated they needed the money to stay competitive, because the S/R Mediterranean (the new name for the Exxon Valdez
Exxon Valdez
Oriental Nicety, formerly Exxon Valdez, Exxon Mediterranean, SeaRiver Mediterranean, S/R Mediterranean, Mediterranean, and Dong Fang Ocean is an oil tanker that gained notoriety after running aground in Prince William Sound spilling hundreds of thousands of barrels of crude oil in Alaska...
vessel) was unable to operate in Prince William Sound following the passage of the Oil Pollution Act of 1990
Oil Pollution Act of 1990
The Oil Pollution Act was passed by the 101st United States Congress, and signed by President George H. W. Bush, to mitigate and prevent civil liability for future oil spills off the coast of the United States....
, which prohibits the tanker from operating in that area.
In 1996, SeaRiver sought to put the S/R Mediterranean back into Prince William Sound by arguing that the Oil Pollution Act of 1990 was unconstitutional. The Act prohibits any vessel that has spilled more than a million gallons of oil from operating in Prince William Sound. SeaRiver claimed the act was retroactively being applied to the S/R Mediterranean. In 1998, a judge ruled against SeaRiver.