Yantai Raffles and Dockwise Christened the Mega Yacht Carrier

Yantai Raffles Shipyard Limited (“YRS”) announces the christening of the newly built yacht carrier, built for the account of Dockwise Transport B.V. The vessel will be operated by its subsidiary Dockwise Yacht Transport (“DYT”), a group of Dockwise Transport B.V.

The newbuild carrier was christened ‘Yacht Express’ at the Yantai Raffles Shipyard, located in the Shandong Province of China. The ultramodern vessel, measuring 209 meters long, has a service speed of 18 knots capable of reducing a transatlantic voyage by half, from 15 to 8 days. The largest of its kind in the world, ‘Yacht Express’ has a carrying capacity of 5,000 metric tonnes and is purpose-built with a semi-submersible dock bay that allows yachts of any size to be safely floated on and off as cargo. She is the latest addition to DYT’s existing liner fleet.

"Following the growth of the yachting industry and the still rising demand of intercontinental transportation of yachts, Dockwise has decided to invest in this type of vessel to further enhance the growing business of Dockwise Yacht Transport," said André Goedée, CEO of Dockwise Transport N.V.

In another statement made by Mr Clemens van der Werf, the President of DYT, it said, “There is no other ship built like this for the exclusive purpose of transporting luxury yachts. The addition of this new yacht carrier to our fleet is an important step forward by DYT to improve the quality of services to our clients -- services that are based on safety, regularity and reliability.”

Following sea trials in mid-May, ‘Yacht Express’ will mobilize through Australia and New Zealand and to Florida before making a special appearance at the Monaco Yacht Show in September 2007.

Mr. Brian Chang, Chairman of YRS says, “The launch of the ‘Yacht Express’ will mark a major milestone in the development of the yacht transport industry. We will continue to be a leader in innovation, delivering to our clients the best in quality and service.”

About Dockwise Yacht Transport

Dockwise Yacht Transport (“DYT”), based in Fort Lauderdale, Fla., is a group company of Dockwise Transport B.V. (“Dockwise”), which is located in Breda, The Netherlands and acknowledged as the global leader in maritime transports of extremely large and heavy cargoes. Dockwise employs about 800 people worldwide and operates a fleet of 15 semi-submersible vessels. Four of these vessels are carriers of luxury yachts and offer owners and charterers safe and easy access to many of the world's premier cruising grounds. DYT transports around 1000 motor and sailing yachts on a yearly basis to the world's most desirable areas of yachting interest.

For more information, please see http://www.dockwise.com and http://www.yacht-transport.com

About Yantai Raffles Shipyard Limited

Listed on the Oslo OTC Stock Exchange in Norway, Yantai Raffles Shipyard (“YRS”) engages in the building and fabricating of vessels and equipment for the marine and offshore oil and gas market. The 72-hectare shipyard in China boasts state-of-the-art building facilities, including one of Asia’s largest dry docks and a soon-to-be completed large gantry crane with lifting capacity of 20,000 metric tons. A leader in Innovation, YRS employs the latest technologies to achieve operational efficiencies and lower costs. With its core mission of attaining excellent quality, competitive pricing and client satisfaction, YRS remains committed to be The Yard Of Choice.

Contact Information:
Wynnie Chang
Investor Relations
Telephone: (65) 6735 9328
Fax : (65) 6734 5449
Email : [email protected]
Please visit us at http://www.yantai-raffles.com