Frontline Ltd. Develops Heavy Lift Activity

Monday, January 15, 2007
In line with the strategy decided by the Board, Frontline Ltd. is currently in the process of establishing a separate entity to develop the company's heavy lift activity. Such a company will include up to six single hull Suezmax vessels. Five of these vessels are on long term leases from Ship Finance International Limited, and a deal is subject to reaching a mutually acceptable solution with Ship Finance International Limited for a purchase of these vessels. One vessel is currently being converted to a heavy lift vessel at Cosco shipyard in China and will be completed in April 2007. One further firm contract has been signed for a second vessel to be delivered in August 2007, and optional conversion contracts are in place with the yard for up to four more vessels. The new company which will be named Sealift Ltd., has recruited former Chief Executive Officer of Dockwise Transportation N.V. Bert Bekker to be the CEO of the Sealift management organization. Frontline is currently investigating the possibility to bring in outside investors in Sealift. It is the intention that Frontline will remain with minimum 33% of the equity. Frontline expects a final clarification around the possible spin off of Sealift and the financial consequences of the transaction to be communicated to the market within this week.
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

LNG

Becker Marine Delivers Rudder for Largest Containership

Becker Marine Systems delivers rudder for the largest container ship in the world   At 19,000 TEU, the largest container ship in the world is now picking up speed

DSME Returns for More Dual-Fuel Engines

MAN Diesel & Turbo received an order for four MAN B&W 5G70ME-GI engines in connection with Daewoo Shipbuilding & Marine Engineering Co.,Ltd. (DSME) agreeing a deal

USCG Addresses Future of Marine Fuels

The future of marine fuels from the Liquefied Gas Carrier National Center of Expertise   The Pacific Merchant Shipping Association hosted The Future of Marine

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1931 sec (5 req/sec)