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| Year end update |
| Dec 30, 2009 (Hugin via COMTEX) -- Over USD 60 million secured in near-term contract and LOI awards
Dockwise in line with market expectations for Q4 and FY2009 performance Breda, the Netherlands, 30 December 2009. In a year end update, Dockwise Ltd. today announces that since the contract awards statement issued on 19 November, a further 11 near-term contract wins have been secured by its subsidiary, Dockwise Shipping, for the transportation of rigs, barges and dredging cargoes. In addition, Dockwise has signed two Letters of Intent (LOI) for transportation projects utilizing the Blue Marlin in 2011 and 2013. Dockwise, together with industry partners, has received contract awards to transport various drilling rigs to Brazil, Gulf of Mexico and Singapore, dredging equipment to Spain and various barges to Rotterdam, Malaysia and Venezuela, respectively. The bulk of the contract work is for completion within Q4 2009 with the remainder to be performed in Q1 2010. Total contract revenues are expected to be approximately USD 31 million. With the award and execution of these contracts, Dockwise will finish Q4 2009 in line with market expectations, delivering EBITDA for the full year 2009 of some USD 222 million (excluding one off effects of the refinancing, Amsterdam listing and M&A activities in Q4). CAPEX for the full year 2009, at approximately USD 30 million, will be slightly lower than earlier indicated. The two LOIs, with a combined value of at least USD 35 million (with potential upside depending on the final scope respectively the final port of loading), were signed in support of projects of one of the oil majors in the 2011 ? 2013 timeframe. One of the LOI?s contains an immediately payable non- refundable reservation fee. Contact: Fons van Lith +31651314952/+31 76 5484116 Fons.van.lith@dockwise.com Notes for Editors: About Dockwise Ltd / Dockwise Group Dockwise Ltd., a Bermuda incorporated, has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The Group is headquartered in Breda, The Netherlands. The Group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia, Brasil, Moscow, Singapore and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Norway, Argentina and Italy. To support all of its services to customers, the group also has three additional engineering centres in Houston, Breda and Shenzhen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 20 purpose built semi-submersible vessels. Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK (ISIN BMG2786A1062) as well as on NYSE Euronext Amsterdam under the ticker DOCKW (ISIN BMG2786A2052). For further information: www.dockwise.com <http://www.dockwise.com> This information is subject of the disclosure requirements acc. to 5-12 vphl (Norwegian Securities Trading Act) [HUG#1369221] SOURCE: Dockwise Ltd |