Maritime Heavy Transportation Companies Dockwise and Sealift Announce Merger

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.