Dockwise and Sealift announce mergerNews // May 1, 2007
Dockwise and Sealift, both active in the heavy lift market, have announced that they are to merge.
By combining their fleet of vessels, the companies will be able to provide an enhanced service to customers, they said in a recent statement.
Following the merger, 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 lift 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.