Sea Containers Ltd (fka SCRA)

[andre1234]

16/10/2007

SEASTREAK OWNER SAYS MEDIA REPORTS WIDE OF MARK


SEASTREAK OWNER SAYS MEDIA REPORTS ARE WIDE OF THE MARK



Hamilton, Bermuda, October 16, 2007. SeaStreak, the fast ferry passenger line that crosses from Atlantic Highlands and Highlands on the central New Jersey coast to Manhattan on a daily basis, is contacting locally elected representatives to answer media reports that the service is under threat.



SeaStreak, which ferries 4,000 commuters during each working day, is owned by Sea Containers Ltd, the Bermuda registered and New York quoted company that has been in Chapter 11 since October 2006. This has led to Sea Containers needing to dispose of its non-core businesses. SeaStreak, which profitably operates the service using four fast catamarans, is one of the subsidiaries which has been put up for sale.



Recent press reports overseas and in the US had speculated that, independently of the route itself, the four fast ferry vessels were soon to be sold to an agency of the Government of Trinidad & Tobago “for $120 million”. The fear is that without any ships, there will be no service.



Responding to the media speculation, David Stafford, SeaStreak’s General Manager, said:



“First of all, Sea Containers is very aware of the importance of the SeaStreak Manhattan commuter service to the local communities of Atlantic Highlands and Highlands.



“We have indeed had considerable interest from a number of possible acquirers for the SeaStreak service as a whole.



It is true that the Government of Trinidad & Tobago has expressed an interest in the vessels alone but much of what has been reported is speculation.



“Even if the vessels are sold in a separate transaction to the sale of the business itself, then we will do everything we can to bring in suitable replacement vessels to continue operating the route, not only because it is important to so many people, but because it is also a profitable route and therefore more attractive to investors as a going concern.



“We are also grateful for the interest shown by the representatives of the local communities in New Jersey, the New Jersey Department of Transportation as well as the Port Authority of New York and New Jersey. Certain of these contacts have suggested there may be local interests ready to buy SeaStreak. We would of course welcome any such proposal.”