SOURCE: Sealift Ltd.

May 31, 2007 02:19 ET

Sealift / Dockwise take delivery of first of series of 6 semi-submersible heavy transport vessels

BREDA, NORWAY--(Marketwire - May 31, 2007) -

After the recent merger with Sealift Ltd, the OTC listed company, the new heavy lift vessel "Transporter" joins the fleet of Dockwise. The Transporter is the first of a series of 6 vessels to be converted from single hull tankers into heavy lift vessels.

These 6 new vessels, the last one currently scheduled to be delivered by the end of 2008, will enable Dockwise to strategically match the fleet of 22 vessels to best serve the different markets. Specifically, Dockwise will be able to provide clients with an unmatched flexibility of different types of vessels resulting in reduced risk and added opportunities for scheduling and contracting for the different clients.

The vessel successfully completed its submerging test and sea trials and was delivered to the owners on May 30th 2007. The heavy transport vessel is designed to transport high-value and complex cargoes and has a cargo carrying capacity in excess of 35.000 tonnes. With an unobstructed deck area of 44.5 x 130 meter, the vessel is well suited to carry semi-submersible and jack-up drilling units as well as offshore structures.

This vessel has been converted at the COSCO ship yard in Nantong, China. As the entire midsection is newly constructed and then fitted to the bow and aft part of the single hull tanker, the vessel is considered by the classification authorities to have an economic life of around 10 years, resulting in a remaining economic life of 20 years. The conversion has been very smooth and provides a learning platform for the conversion of the remaining 5 vessels, to be converted at Cosco shipyards.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo Eastern Ship Management to provide technical- and crew management for the vessel. As such, the new vessels will operate under identical management systems as the existing Dockwise vessels. Crews, superintendents and other personnel will therefore be completely familiar with all operating procedures to ensure the safe operations.

Since the merger, Dockwise has been able to secure several contracts, building the backlog of this vessel.

Company profile Dockwise/Sealift

Sealift Ltd. is listed on the Oslo OTC market. After the merger with Dockwise the fleet is operated under the Dockwise brand. Dockwise is headquartered in Breda, the Netherlands, and operates a fleet of 17 semi-submersible heavy transport vessels at the top end of the market and 5 vessels to be converted. Dockwise employs about 800 people worldwide. With a global network of offices in Breda (the Netherlands, headquarters), Houston (Texas, USA), Shanghai (China), Busan (South Korea), Perth (Australia), Lagos (Nigeria) 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".

Note for the press, not for publication:

Jacqueline van den Bergen,,
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