April 4 - Kawasaki Kisen Kaisha Ltd ("K" Line), which has had a 50 percent stake in Schiffahrtskontor Altes Land GmbH (SAL Group) since 2007 has agreed to purchase the remaining shares in the SAL Group at the end of June 2011.

"K" Line statement said that "with the current economic rebound, heavy lifter business is considered an essential tool for the development of big projects such as those in the oil and gas industry, which is expected to grow even further."

The statement pointed to the recent delivery of two advanced vessels with lift capacity of 2,000 tonnes which are equally suited to service demanding offshore projects within the oil and gas industry as they are in assisting in the installation of foundations for offshore wind parks.

By increasing its presence in this field, "K" Line says that it will create a new synergy with its offshore support vessel and drill ship business department.

When it gains 1000wnership of SAL , "K" Line expects to keep the company's trading name, location of head office and employment of all current staff. Lars Rolner , who is one of the existing partners, will remain as CEO after the sale of his shares.

The "K" Line group has a firm intention to develop its heavy lift business as a core business through the established trade name of SAL.

SAL Group was founded by the Heinrich family, its company history going back to 1865 when first vessel SS "Amoenitas " built by Sietas Shipyard in Germany came into the world. SAL has a staff of almost 120 onshore, and about 100 German and 400 Filipino crew members on vessels worldwide.

The SAL Group of companies provides a broad array of services including sales/project management, vessel operation and ship management engineering and crewing. SAL possesses and operates 16 heavy lift ships which have lifting capacity of 600-2,000 tonnes offering 20 knot navigation speeds.

The sales price of the shares remains undisclosed.