HAMILTON, BERMUDA–(LAWFUEL – Law Newswire – July 18, 2007) –
Hamilton, Bermuda, 18 July 2007 – Sealift Ltd (“the Company”), the parent company of the Dockwise group of companies (the “Dockwise Group”) announces that it has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (“OKI”) and Ocean Dynamics LLC (“ODL”). As consideration for the acquisition, the Company has agreed to issue 6.9 million new shares, of which 3.2 million will be held in escrow and released in annual installments over 3 years, plus $15.7 million in cash to the current principals of OKI and ODL.
The Company expects revenue synergies and growth potential for the Dockwise Group from these acquisitions. This combination enhances the Dockwise Group position as a leading integrated transport and installation service provider for the Oil and Gas sector, in particular through floatovers.
OKI, ODL and the Dockwise Group have complementary strengths and expertise. The Dockwise Group’s key existing assets, namely its large open stern semi submersible vessels, and its established engineering and project management capabilities, fit with OKI’s and ODL’s extensive experience in the design, engineering and installation of offshore modules specifically using the floatover method.
Offshore Kinematics is a leading engineering, design, testing and supply company for floatover installation systems, having developed several proprietary systems and designs that have become critical to the floatover process. In addition to floatover systems, OKI brings the engineering and design capability for a full range of related equipment and structures.
Ocean Dynamics is an engineering and design consulting firm related to OKI, focused primarily on marine installation and structures. ODL has also established itself as a leader in the general installation, structural, mooring and riser engineering market. Additionally, ODL’s capabilities include detailed structural design of topsides and jackets, global marine and structural design of floating structures, and advanced mooring and riser analyses.
Upon completion of the agreement, the CEO of Offshore Kinematics, Steven Byle will join the Senior Management team of the Dockwise Group, focusing his efforts on the offshore floatover installation business, as well as on the development of new business and technology related to marine oil services. The President of ODL, Jim Li, will join the Dockwise Group as the Manager for the US and China Engineering. In addition, the Dockwise Group will benefit from a further 31 engineers, with extensive experience within the sector. The acquisition is expected to be completed by 30 July 2007. The total amount of the Company’s shares outstanding after the issuance of new shares to OKI and ODL will amount to 210.9 million. The Dockwise Group, OKI and ODL have a backlog of marine services projects, with six floatover projects currently ongoing between the three companies. The acquisitions are not expected to dilute the Company’s 2007 EPS.
About Sealift/the Dockwise Group
Following its recent acquisition by Sealift Ltd, the Dockwise Group operates a fleet of 17 semi-submersible heavy transport vessels and 5 vessels due to be converted. The fleet is operated under the Dockwise brand.
The Dockwise Group employs about 800 people worldwide. With a global network of offices in Bermuda (the Company’s headquarters), Breda (The Netherlands, where the operational headquarters of the Dockwise Group are located), 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, the Dockwise Group provides an extensive service network to its clients.
As a transport management and installation contractor the Dockwise Group is able to offer a total transport solution for complex door-to-door logistic requirements of extremely heavy or voluminous cargo. Sealift is headquartered in Bermuda, while the operational headquarters of the Dockwise Group are located in Breda, The Netherlands.
Sealift Ltd. is quoted on the Oslo OTC market under the ticker symbol SEAL. Sealift Ltd is in the process of being renamed Dockwise Ltd. For further information: www.dockwise.com
About Offshore Kinematics Inc.
OKI is the leading engineering, design, testing and supply company for floatover installation systems. OKI holds the majority market share in this field, based upon number of projects awarded and gross sales. In just the past four years, OKI has performed twelve (12) floatover installation projects and performed engineering and design on an additional ten (10) FEED (Front-End Design & Engineering) type design developments. OKI’s recent clients include: ConcocoPhillips, Chevron, BP, Kellog Brown & Root, J. Ray McDermott, and Technip. The principals of OKI have been involved in floatover installations since their inception in the 1980’s, and OKI has become noted for continual improvement of the process through research and development. OKI has developed several proprietary systems and designs that have become critical to the floatover process. These include mating unit anti-buckling designs, deck support arrangements, and fendering systems. OKI has enhanced its position as an innovation leader with its execution of the world’s first open-water pontoon barge floatover, performed on the Corocoro project in Venezuela 2005. It was also involved from initial development and model testing on through final installation with Technip on the World’s first spar platform floatover on the Kikeh project in Malaysia. In addition to floatover systems, OKI brings the engineering, design and fabrication capability for a full range of related equipment and structures.
For further information: www.offshorekinematics.com.
About Ocean Dynamics LLC
ODL is an engineering and design consulting firm related to OKI, focused primarily on marine installation and structures. ODL has performed the full range of marine and structural engineering as well as offshore supervision related to OKI’s floatover installation projects. However, it has also independently established itself as a leader in the general installation, structural, mooring and riser engineering market. ODL brings the seasoned capability for complete installation engineering from loadout, tiedown design, transportation and installation analysis of both jackets by launch and upend and topsides by floatover method. ODL still further provides experienced offshore supervision for all procedures. Additionally, ODL’s capabilities include detailed structural design of topsides and jackets, global marine and structural design of floating structures, and advanced mooring and riser analyses.
In addition to its joint achievements in floatover installation, ODL has demonstrated leadership in groundbreaking projects, particularly in Asia. ODL has its headquarters in Houston, but also maintains an engineering subsidiary in Shenzhen, China. Recently, ODL was awarded and completed the structural design, fabrication support and installation engineering for a deepwater Jacket in South China Sea. This platform is the deepest jacket in Asia and in the top 15 deepest worldwide, and this major client entrusted ODL’s advanced expertise with this critical and short-turnaround project.
For further information: www.oceandyn.com
Note, not for publication
For further information:
Stefan Malfliet, Chief Financial Officer
Jacqueline Lenterman, Investor Relations
Tel : +31 (0)6 29 39 39 69
This announcement is not an offer to sell or a solicitation of any offer to buy the securities of Sealift Ltd in the United States or in any other jurisdiction.
