Frontline Ltd said its separately-listed heavy lift operations, Sealift Ltd, has made two strategic acquisitions aimed at further developing its offshore installation operations. Sealift said it has agreed to acquire sister engineering and design firms 'Offshore Kinematics Inc' and 'Ocean Dynamics LLC', paying 15.7 mln usd in cash and 6.9 mln new shares. Of the new shares, Sealift said 3.2 mln will be held in escrow and released in annual installments over a three-year period. The deals, Sealift said, have been conducted through its wholly-owned company, the Dockwise Group. Looking ahead, Sealift said it expects 'revenue synergies and growth potential' from these acquisitions, which will position it as a 'leading integrated transport and installation service provider' for the oil and gas industry. Offshore Kinematics specialises in the engineering and design of floatover installation systems, while Ocean Dynamics focuses primarily on marine installation and structures. Sealift said it expects the acquisitions to be completed by 30 July. source: CNNMoney.com Tags : Sealift, Frontline, Dockwise, offshore engineering, heavy lift