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 organization.
Andr' Goedee, CEO of Dockwise commented: ' 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 logistic projects.'
Bert Bekker, CEO of Sealift, said: 'The introduction of the six new sister vessels combined with the versatile Dockwise fleet will greatly benefit our customers.'
In December 2006 Dockwise was acquired by 3i, Europe's leading private equity company, to realise the strong growth strategy of Dockwise. It is due to 3i's international network, its sector knowledge and its experience in financially complex transactions, that Dockwise has been able to realise this merger.
Dockwise is headquartered in Breda, the Netherlands, and operates a fleet of 15 semi-submersible heavy transport vessels at the top end of the market. Dockwise employs about 800 people worldwide. With a global network of offices in Breda
(the Netherlands, headquarters), Houston (Texas, US), Shanghai (China), Busan (South Korea), Perth (Australia), Lagos and Fort Lauderdale/Golfe Juan (Dockwise Yacht Transport), as well as 8 representing agents, Dockwise provides an extensive service network to its clients.
As a transport management and installation contractor Dockwise is able to offer a total transport solution for complex door-to-door logistic requirements of extremely heavy or voluminous cargo. In other words : 'Exceptional transport management'.
Sealift is an international heavy transportation company providing marine services to the Oil and Gas market. The company will be operating 6 heavy transport vessels by fourth quarter 2008. The first vessel will enter service in May 2007.
Carnegie and Lehman Brothers have been advisors to 3i in the merger between Dockwise Transport B.V. and Sealift Ltd.
