James B Sherwood News

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor, announced its results for the first quarter ended March 31, 2002. Net loss for the period was $6 million compared with a net profit of $0.9 million in the first quarter of 2001. The prior year period benefited from a $15.2 million gain on the sale of port assets. Revenue for the first quarter of 2002 was $272 million compared with $291 million in the prior year period. The prior year's revenue included the gain on sale of port assets. The first quarter is the seasonally worst period of the year with many ferry services suspended, hotels closed for the winter and container demand at its lowest ebb due to factory closings and lower consumer demand following the Christmas season.

Sea Containers Ltd. passenger transport operator, marine container lessor and leisure industry investor, today announced that it has increased its shareholding in Silja Oyj Abp from 50 percent to 75.32 percent effective June 20, 2002 through the issue of 2,474,196 Sea Containers Class A common shares in payment for the Silja shares acquired. The increase in share capital is expected to be anti-dilutive. On June 25, 2002 a Sea Containers subsidiary, Silja Holdings Ltd., announced that it had launched a tender offer for the remaining shares in Silja Oyj Abp as well as for Silja’s outstanding Convertible Bonds which have a par value of Euro 55.5 million. The offer is Euro 2.25 for each common share and 92.4% of the par value of the bonds.

Sea Containers Ltd., passenger transport operator, marine container lessor and leisure industry investor announced today that its subsidiary Hoverspeed Ltd. operator of fast ferry services on the English Channel, has been successful in its legal challenge of UK Customs and Excise procedures. HM Customs and Excise have been checking and detaining Hoverspeed passengers and seizing their goods and the vehicles in which they travelled. The High Court ruled today that the Customs' policy currently in place could be regarded as a "disproportionate executive policy" and Hoverspeed won on all points. President of Sea Containers Ltd., Mr. James B. Sherwood said the implications of the judgement are very far reaching. "No longer will HM Customs and Excise be entitled to stop passengers at random.

Sea Containers Ltd., marine container lessor, passenger and freight transport operator and leisure industry investor, today announced that it had sold its subsidiary Folkestone Properties Ltd, owners of Folkestone Harbour on the south east coast of the United Kingdom. Contracts were signed for the port sale on July 2, 2004 and the purchase, by businessman Mr Roger De Haan who is well known as chairman of the Folkestone-based Saga Group, was completed on August 24, 2004. The sale price was $20 million (GBP11 million). President of Sea Containers Ltd., Mr James B. Sherwood, said the gain will be recorded in the company's third quarter results.

Ltd. Chief Executive duties on an interim basis for health reasons. as Chairman of the Board. the office on a part time basis. delayed pending his full time return to the company. during Mr Sherwood's hospitalization. year.

Sea Containers has sold the Isle of Man Steam Packet Company to Montagu Private Equity Limited for $233 million, with effect on June 30, 2003. The profit on this transaction will be $100 million, however, the company has decided to establish provisions for the restructuring of its fast ferry business and to reduce the carrying value of certain assets to current market value. Total provisions will be approx. $40 million. The company also advised that its exchange offer of 13% senior notes due 2006 for July 1, 2003 matured 9.5% and 10.5% senior notes had been subscribed in the amount of $22.5 million. The balance of these senior notes ($136.6 million) has been repaid.

Sea Containers Ltd. marine container lessor, passenger and freight transport operator and leisure industry investor, said today that it has received a number of inquiries about the recent fall in the company's common share price. James B. Sherwood, president, said that he was mystified because the company had an excellent fourth quarter in 2002 and its earnings for the year will be significantly higher than the $27.9 million ($1.40 per common share diluted) reported for the nine months ended September 30, 2002. This will represent a huge improvement over the net income of $4.5 million ($0.24 per common share diluted) reported for the full year 2001. Sherwood said that the 2002 results were currently under audit and the company would announce its results late in March as customary.