Maritime Heavy Transportation Companies Dockwise and Sealift Announce Merger

Tuesday, May 01, 2007
Maritime companies Dockwise and Sealift announced a merger. By combining their fleet of vessels, the companies will be able to provide an enhanced service to customers. Following the merger, the Sealift vessels will be integrated into the existing Dockwise fleet and the company will trade under the Dockwise name. 3i, the largest shareholder in Dockwise, and Bermuda based Frontline, the largest shareholder in Sealift, have both approved the merger. Sealift, which is listed on the Oslo OTC market, was founded by Frontline to manage and operate six large Suezmax tankers, which are due to be converted into semi- submersible heavy transportation vessels. The first of these six vessels will be operational in May, following the completion of its conversion in China. Delivery of the bulk of the remaining vessels will follow later in 2007, with the final vessel to be delivered fourth quarter 2008.

Following the merger, the new entity will be listed on the Oslo OTC market. Both 3i and Frontline will continue as shareholders of the new company, with 3i retaining the largest shareholding in Dockwise. As a result of the merger, the complementary expertise of Sealift will be integrated into the Dockwise organisation.

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Transocean Swings to Loss on Falling Revenue

Transocean Ltd., one of the world's top offshore drilling companies, reported a first-quarter loss on Wednesday as oil exploration and production companies rent

1,000th Becker Mewis Duct to Be Presented at Nor-Shipping

Hamburg-based Becker Marine Systems will present its 1,000th Becker Mewis Duct in Oslo at Nor-Shipping 2015.   The use of all ducts previously delivered will have lowered CO2 by more than 1.

Shell Declares Force Majeure on Forcados Crude Exports

Shell has declared force majeure on exports of Nigeria's Forcados crude oil stream, a spokesman for the company said on Wednesday.   It declared force majeure

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Sonar
rss | archive | history | articles | privacy | 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: 0.1325 sec (8 req/sec)