Dockwise Shipping secures additional US$65 million near term rig contracts and a major float-over award

Wednesday, Mar 10, 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."

Source: Dockwise