SOURCE: Sealift Ltd.

May 04, 2007 11:33 ET

SEAL - Completion of Business Combination With Dockwise

OSLO, NORWAY -- (MARKET WIRE) -- May 4, 2007 --

Reference is made to the announcements made on 27 April, 2007.

Sealift Ltd. has on the 4 May, 2007 successfully completed the combination of its businesses with the Dockwise group of companies.

The private placement announced on 27 April, 2007 was also completed on 4 May, 2007 in conjunction with the completion of the business combination.

Sealift Ltd. will after the combination of businesses have 203,996,791 outstanding shares, of which 90,000,000 were the previously existing shares, 94,096,791 are new shares issued to the shareholders of Dockwise and 19,900,000 are new shares issued in the private placement. The shares will continue to be listed on the Oslo OTC market, and funds managed and advised by 3i Investments plc (29.5%) are the largest shareholder. Frontline Ltd. will be the second largest shareholder with an ownership of 17.1% of the outstanding shares.

Sealift Ltd. May 4, 2007

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