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Sealift Completes Merger With Dutch Rival Dockwise

Sealift Ltd., a company that converts aging crude tankers into oil-rig transporters, completed its merger with Dutch rival Dockwise Transport NV.

The private placement was also completed today in conjunction with the merger, the Hamilton, Bermuda-based Sealift said in a statement on Hugin.

After the combination of the businesses, Sealift will have 204 million outstanding shares, which will continue to be listed on the over-the-counter market in Oslo, it said. Funds managed by 3i Investments Plc will be the largest shareholder with 29.5 percent, while Frontline Ltd. will be the second- largest with a 17.1 percent holding, Sealift said.

Dockwise is owned by U.K. buyout and venture capital firm 3i Group Plc. Sealift was spun off from Frontline, the world's largest oil-tanker company by carrying capacity, in January.

Sealift said last week that it sold 39.8 million new and existing shares at 30 kroner apiece, raising 1.19 billion kroner ($199 million).

The combined company, which will consist of Dockwise's 15 heavy-lift vessels and Sealift's six vessels, plans to seek an Oslo stock exchange listing in the third quarter.

To contact the reporter on this story: Vibeke Laroi in Oslo at vlaroi@bloomberg.net.

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.

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