Investor Presentation

Q1 2007 earnings

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This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

Important notice

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Content

� Presentation of Figures

� Highlights and Key Financials Q1 2007

� Q1 2007 Financials

� Outlook

Appendix: Course of events

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Presentation of figures

� Contribution from former Sealift operations are non-material in Q1 07 and not included in the figures

� The Q1 06 results are from Dockwise Transport N.V. and are added for information purposes only

� The balance sheet of Sealift is presented on a pro forma basis as if Sealift Ltd and the Dockwise Group of companies had been merged at 31 March 2007

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Highlights Q1 2007

� 4 projects with multiple rigs transported on one vessel

� Transportation of Tahiti Spar Buoy IV

� Intended listing of shares on the Oslo Stock Exchange in September 2007

� Robust Backlog of Heavy Lift projects amounting to USD 151m

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Key Financials Q1 2007

Revenue

EBITDA

Adjusted EBITDA

Net Profit (loss)

63.9

26.9

33.4

(11.6)

57.7

20.3

20.3

10.7

Q1 07 Q1 06

10.6%

32.5%

64.3%

n/m

ChangeAmounts in USDm

1)

1) Adjusted for contribution from Mighty Servant 3 of USD 6.5m2) Includes, amongst other things, the amortization of the backlog (USD 9.3m) as a result of the buy-out, and does

not include compensation for the Mighty Servant 3 of USD 6.5m

2)

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Key Financials Q1 2007

Revenue

DYT

Rigs, Military P&MI and Various

Offshore, T&I and Onshore

DHL

Ebitda

1,2 1,3

19,1

25,6

Q1 06 Q1 07

10.7%

33.8%

Growth

20.3

26.9 32.5%

9,1 7,8

33,541,7

15,1

14,4

Q1 06 Q1 07

(14.3%)

24.6%

(4.8%)

Growth

57.7

63.9 10.6%

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Revenue Q1 2007

Revenue Comments� DHL

� 4 projects with multiple rigs on 1 vessel

� Increase in contract revenues for rigs

� DYT� More maintenance

days on SS3 due to docking

� Competition on US West Coast from Lift-on and Lift-off

DYT

Rigs, Military P&MI and Various

Offshore, T&I and Onshore

DHL

9,1 7,8

33,541,7

15,1

14,4

Q1 06 Q1 07

(14.3%)

24.6%

(4.8%)

Growth

57.7

63.9 10.6%

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Contract and vessel operating cost and SG&A

� Contract and vessel operating expenses in Q1 07 remained relatively stable compared to same quarter last year� Negative impact of redundancy costs in Q1 06 levelled out higher insurance

costs and maintenance charges in Q1 07

� Administrative expenses increased mainly due to higher payroll expenses for project management and engineering related personnel

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� Strong increase of 32.5%, mainly driven by strong EBTIDA contributions from DHL

� Margin uplift due to 4 projects with multiple rigs and increase in contract prices for Rigs

� Excluding cash contribution from Mighty Servant 3 of USD 6.5m

EBITDA Q1 2007

DYT

DHL

Ebitda Comments

1,2 1,3

19,1

25,6

Q1 06 Q1 07

10.7%

33.8%

Growth

20.3

26.9 32.5%

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Depreciation & amortization and financing expenses

� Substantial increase of depreciation and amortization expenses to USD 19.6m (Q1 06: USD 8.2m), mainly due to� Amortization of backlog recognized of USD 9.3m

� A fair value adjustment of the fleet following the buy-out

� Substantial increase of net financing costs to USD 18.8m (Q1 06: USD 1.3m), due to higher debt following the buy-out of the Dockwise group of companies by 3i

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Balance Sheet Q1 2007

Property, plant & equipm.Intangible assets

Other assets

Total assets

Total Equity

NC Interest bearing borrowings

Other liabilitiesTotal Liabilities

800.1465.7

171.7

1,437.5

314.0

1,018.0

105.51,437.5

404.2318.3

149.4

871.9

(6)

795.1

82.8871.9

Pro forma31 March

200731 March

2007

295.40.5

76.5

372.4

209.8

-

162.6372.4

31 Dec 2006Amounts in USDm

1)

1) Presented on a pro forma basis as if Sealift Ltd and the Dockwise Group of companies had been merged at 31 March 2007

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Working Capital

� Working Capital includes a receivable on the insurance company and the current part of receivables on the escrow account established in connection with the buy-out, both in relation to the MS 3 incident for a total of USD 52.4 million

� Net working capital amounts to minus USD 30.5 million, excluding these MS 3 related receivables

� In general, working capital of the company is negative as:� DYT customers pay the full contract sum in advance� DHL contracts terms are 50% upon loading and 50% upon discharging

� Net working capital is impacted by a number of contracts that started around the end of the quarter and is in line with 1Q06, after adjusting with MS 3 related receivables

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Cash Flow Q1 07

� Strong operational cash flow due to an increase in EBITDA

� A large portion of the interest expense is rolled up as it relates to Paid-In-Kind facilities

� The total cash consideration in relation to the buy-out amounted to USD 688.3m

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Outlook

The following facts will impact the FY 2007 results:

� MS 3 cash contribution for FY 2007 will be approx. USD 25.8m

� Sealift bareboat charter revenues will be included as of 4 May 2007

� Backlog amortization for FY 2007 will be approx. USD 33.0m

� Interest expenses to increase further due to higher debt following the merger between Sealift and Dockwise Group of companies

� Expected CAPEX for 2007 is approx. USD 85m

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Appendix

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Course of events

23 December 2006

12 January 2007

18 January 2007

30 January 2007

21 March 2007

4 May 2007

4 May 2007

3i announces Dockwise Group of companies buy-out

Dockwise Group of companies buy-out by 3i completed

Sealift completes initial USD 180m private placement on the Norwegian OTC market and issues 90 million shares

Sealift Ltd. agrees to acquire 6 single ship companies each owning a suez max tanker from Frontline Ltd. due to be converted to heavy lift vessels

Acquisition of 6 single ship companies by Sealift Ltd. completed; Sealift Ltd. commences operations

Sealift completes NOK 1.2bn (USD 200m) private placement on the Norwegian OTC Market

Completion of combination between Sealift Ltd. and the Dockwise Group of companies

Q&A