Sea Containers Sells Major Part of Port of Newhaven To Societe D'economie Mixte Locale De Cooperation Transmanche for $22 Million

Apr 12, 2001, 01:00 ET from Sea Containers Ltd.

    HAMILTON, Bermuda, April 12 /PRNewswire/ -- Sea Containers Ltd.
 (NYSE:   SCRA and SCRB) ( www.seacontainers.com ), announced that its
 subsidiary, Ferry and Port Holdings Ltd. had signed an agreement on April 11,
 2001 to sell the east quay, adjacent land and buildings, harbor authority
 rights and outer harbor of the Port of Newhaven, England to Societe d'Economie
 Mixte Locale de Cooperation Transmanche of Rouen, France ("Transmanche") for
 approximately 15 million pounds sterling (US$22 million).  Ferry and Port
 Holdings will retain the west quay and North Harbor but all ships and boats
 using the port will pay access charges to Transmanche, the new harbor
 authority.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010412/LNTH006 )
     At the same time, Hoverspeed Ltd., another subsidiary of Sea Containers,
 signed an access agreement with respect to the ferry berths and ferry terminal
 at Newhaven for its fast ferries and an agency agreement to represent
 Transmanche for passengers, cars and caravans to be carried aboard Transmanche
 ships between Newhaven and Dieppe.  Hoverspeed has guaranteed to provide a
 minimum of 100,000 passengers annually for Transmanche's ship.  Hoverspeed
 operates a seasonal fast ferry service on the Newhaven/Dieppe route.
     Mr. Charles Revet, President of the Department of Seine Maritime, signed
 the agreements on behalf of Transmanche and Mr. James B. Sherwood, President
 of Sea Containers, signed on behalf of the Sea Containers subsidiaries.
     Mr. Revet said these agreements would restore the Newhaven/Dieppe ferry
 route to the prominence held before P&O Stena abandoned its service in 1998.
 Transmanche has chartered the m.v. Sardinia Vera to start a new conventional
 ferry service on the route, concentrating on freight and bus traffic and other
 classes of traffic in winter when Hoverspeed's fast ferry is not operating.
 He promised that the ferry port would be progressively improved under
 Transmanche ownership.
     Mr. Sherwood said that Hoverspeed looked forward to cooperation with
 Transmanche in developing the route and indicated that Ferry and Port Holdings
 would continue to improve the west quay marina, complete the residential
 housing development now under construction and increase North Harbor activity
 in the bulk materials sphere.
 
 

SOURCE Sea Containers Ltd.
    HAMILTON, Bermuda, April 12 /PRNewswire/ -- Sea Containers Ltd.
 (NYSE:   SCRA and SCRB) ( www.seacontainers.com ), announced that its
 subsidiary, Ferry and Port Holdings Ltd. had signed an agreement on April 11,
 2001 to sell the east quay, adjacent land and buildings, harbor authority
 rights and outer harbor of the Port of Newhaven, England to Societe d'Economie
 Mixte Locale de Cooperation Transmanche of Rouen, France ("Transmanche") for
 approximately 15 million pounds sterling (US$22 million).  Ferry and Port
 Holdings will retain the west quay and North Harbor but all ships and boats
 using the port will pay access charges to Transmanche, the new harbor
 authority.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20010412/LNTH006 )
     At the same time, Hoverspeed Ltd., another subsidiary of Sea Containers,
 signed an access agreement with respect to the ferry berths and ferry terminal
 at Newhaven for its fast ferries and an agency agreement to represent
 Transmanche for passengers, cars and caravans to be carried aboard Transmanche
 ships between Newhaven and Dieppe.  Hoverspeed has guaranteed to provide a
 minimum of 100,000 passengers annually for Transmanche's ship.  Hoverspeed
 operates a seasonal fast ferry service on the Newhaven/Dieppe route.
     Mr. Charles Revet, President of the Department of Seine Maritime, signed
 the agreements on behalf of Transmanche and Mr. James B. Sherwood, President
 of Sea Containers, signed on behalf of the Sea Containers subsidiaries.
     Mr. Revet said these agreements would restore the Newhaven/Dieppe ferry
 route to the prominence held before P&O Stena abandoned its service in 1998.
 Transmanche has chartered the m.v. Sardinia Vera to start a new conventional
 ferry service on the route, concentrating on freight and bus traffic and other
 classes of traffic in winter when Hoverspeed's fast ferry is not operating.
 He promised that the ferry port would be progressively improved under
 Transmanche ownership.
     Mr. Sherwood said that Hoverspeed looked forward to cooperation with
 Transmanche in developing the route and indicated that Ferry and Port Holdings
 would continue to improve the west quay marina, complete the residential
 housing development now under construction and increase North Harbor activity
 in the bulk materials sphere.
 
 SOURCE  Sea Containers Ltd.