Dockwise, Sealift to Merge

Friday, April 27, 2007
Heavy lift transporters Dockwise and Sealift announced that the two companies will merge, whereby the Sealift vessels will be integrated into the Dockwise fleet, and the company will trade under the Dockwise name. 3i, the largest shareholder in Dockwise, and Frontline, the largest shareholder in Sealift, have both approved the merger. Sealift was founded by Frontline to manage and operate six large Suezmax tankers, which are due to be converted into semi-submersible heavy transport vessels. The first of the six converted will be operational in May, following its conversion in China. The remaining five vessels will be delivered through 2007 to the end of 2008. “The six Sealift vessels will reinforce our core business and allow us to accelerate our focus on new markets, such as the installation of oil platforms and the management of large and complex logistics projects,” said Andre Goedee, CEO of Dockwise.
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