Breda, The Netherlands, 8 March 2010. Dockwise Ltd. today announces that contracts have been secured by its subsidiary Dockwise Shipping. Next to an engineering assignment, the transportation of a semi- submersible rig, a jack- up rig and river barges for a value of USD 20 million were signed for the short term. For execution in 2012 Dockwise received a Letter of Award for the transport and installation by means of a float over of a large offshore production platform in the Far East for a value of USD 45 million.
Dockwise has been contracted to transport drilling rigs to Australia and Rotterdam respectively. The bulk of the rig contract work is for completion within the first half of 2010. Total contract revenues are expected to be approximately USD 20 million.
The letter of award for the new float over brings the current total float-over contracts within Dockwise's backlog to five. Execution is scheduled for 2012 for a total value of approximately USD 45 million. After the successful completion of the CPOC float-over in August 2009, the addition of this float-over to the already awarded Bongkot (2011), OFON (2012) and Vyborg (2010 and 2011) float-overs is further confirmation of Dockwise's leading position as a full-service float-over contractor to the oil & gas industry.
In a float-over contract, Dockwise delivers value for clients by providing a complete transportation and logistical package, as well as the execution of the technically challenging float-over process. In view of the trend to module assembly and remote installation in extractive industries, Dockwise is aiming to grow revenues earned in float-overs and logistical management services to approximately 50% of total income in the medium to long term.
André Goedée, Chief Executive, Dockwise Ltd., said:
"Once again, the competitive strength of a large well-dispersed fleet has secured three contracts in a tough spot market. Our float over award, brings the group of float-over contracts in our backlog to five, now totaling almost USD 200 million, and underlines our growth in this segment. We note an increase in clients recognition of Dockwise's value added proposition in the demanding field of platform installation."
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 centers 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
