Dockwise Ltd News

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water, is scheduled to arrive at the mouth of the Columbia Sunday. It will make its way up to Vigor Industrial’s Portland shipyard on the Willamette River by Sunday evening or Monday morning, depending on weather and river traffic. Fully assembled, the drydock will be 960-feet long. However, it is currently in three parts, which are stacked aboard a 738-foot heavy lift ship for delivery.

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water, is scheduled to arrive at the mouth of the Columbia Sunday. It will make its way up to Vigor Industrial’s Portland shipyard on the Willamette River by Sunday evening or Monday morning, depending on weather and river traffic. Fully assembled, the drydock will be 960-feet long. However, it is currently in three parts, which are stacked aboard a 738-foot heavy lift ship for delivery.

The outcome of last month's mandatory cash offer was that 99% of the Dockwise shares became committed to Boskalis. On 8, February 2013, Boskalis Holding B.V. (the Offeror), a wholly-owned subsidiary of Boskalis, launched a mandatory cash offer for all issued and outstanding ordinary shares of Dockwise (the Shares) at an offer price of EUR 18.50/ NOK 137.65 per Share cum dividend (the Offer). With reference to the offer document dated 8 February 2013 (the Offer Document), holders of Shares who have validly tendered and transferred (geleverd) their Shares for acceptance pursuant to the Offer prior to the expiry of the Offer Period will receive the Offer Price in respect of each Share tendered on 20 March 2013.

This press release is issued by Royal Boskalis Westminster N.V. (Boskalis) and Dockwise Ltd. (Dockwise) pursuant to the provisions of Article 5-12 of the Norwegian Securities Trading Act (Verdipapirhandelloven), Article 5:25i paragraph 2 of the Dutch Act on Financial Supervision (Wet op het Financieel Toezicht) and Article 4 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen Wft) in connection with its public offer for Dockwise. This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. This announcement is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into Canada or Japan.

Dockwise ltd has taken notice of this morning's release on the agreement between Boskalis Westminster NV ("Boskalis") and Project Holland Fonds whereby the latter has committed to sell their shares in Dockwise for a price of Euro 18 per share.   Dockwise is encouraged by the increase in price by 5% from Euro 17.20 to Euro 18 per share but is of the opinion that this increased price does still not sufficiently reflect the value of Dockwise ltd. Dockwise will continue the dialogue with Boskalis on the conditions of the intended offer including their request for due diligence.

Dockwise Ltd. has 6 new contracts, letters of intent and contract extensions with a total value of almost US$ 60 million. Dockwise, headquartered in Breda, the Netherlands, is a 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 company also operates a fleet of 25 purpose built semi-submersible vessels (including Dockwise Vanguard, White Marlin and  Finesse). The contracts include a material change order for a Vanguard contract delivering the customer a later loading window and 5 shorter term contracts for execution in 2012 and 2013. These assignments include the mobilization of two drilling rigs and the transportation of a yacht- hotel.

Dockwise Ltd. confirms it has received an unsolicited intended offer from Royal Boskalis Westminster N.V. ('Boskalis') for the acquisition of all outstanding shares of Dockwise at an offer price of EUR 17.20 per share cum dividend. The intended offer by Boskalis is subject to certain specified and unspecified conditions. The Board of Directors of Dockwise, together with its financial and legal advisers, will consider the intended offer of Boskalis to assess its merits, risks and the consequences for Dockwise and its shareholders, as well as its employees and other stakeholders, compared with the stand-alone strategy of Dockwise and other alternatives.

Operationally sound first quarter for combined Group. Dockwise Ltd. has published results for the three month period ended 30 September 2012. As from 1 July 2012, results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. •    Cash flow generated from operating activities of USD 49 million (USD 10 million in Q2 2012). •    Four vessels deployed on Gorgon project. •    The ING syndicate loan facility has been renegotiated. •    USD 302 million for execution in 2014 and beyond (USD 268 million at end Q3 2011 for execution in 2013 and beyond). André Goedée, Chief Executive Officer Dockwise, commented: "The third quarter has seen good operational progress.

Breda, the Netherlands,  Dockwise Ltd. has announced that it has been awarded 10 new contracts and contract extensions with a total value of USD 56 million. The bulk of the contracts were awarded shortly after Q3 close and are for execution in Q4 2012 and Q1 2013. The assignments include an extension on an existing contract, the mobilization of six drilling rigs, the transportation of a pipe-lay vessel and transfer station, and the transportation of a hull for a floating production structure. André Goedée, CEO of Dockwise said: "Utilization is increasing slowly but pricing levels remain competitive. We currently observe a general market tendency of delays in the completions of a number of larger projects, including some on which we are actively engaged.

DOCKWISE Ltd. today publishes results for the three month and Half Year periods ended June 30, 2012. Cash flow generated from operating activities of USD 45 million (USD 64 million in first half year 2011). Acquisition of Fairstar Heavy Transport N.V. Initiated buy out and delisting procedures following control (99%) as of July 2012. Contract awards of USD 109 million in Q2 2012 include:Hebron topside transportation for Exxon Mobil;USA Big Dog Spar Buoy for BP. USD 306 million for execution in 2014 and beyond (USD 170 million at end Q2 2011 for execution in 2013 and beyond).

Dockwise Ltd. announces near USD 85 million backlog additions in new contracts, bringing total for this quarter to approximately USD 102 million. Dockwise was awarded fifteen short term contracts, mainly for execution in Q2 and Q3 2012. The projects include twelve jack-up rig transports for various owners to different regions. On longer term assignments, Dockwise reached a final agreement on a large extension of scope for an existing oil & gas offshore transport. The extension adds to the initially signed LOI for the project which was already included in the Q1 2011 backlog. The changes involve vessel modification and additional outfitting scope for the transport originating in the Far East. Project scheduled to be executed in 2015-2016 timeframe.

Breda, The Netherlands – Dockwise Ltd. Announced that it had won a reservation contract, securing the transportation of a spar buoy for the Statoil-operated Aasta Hansteen offshore production field, formerly known as the Luva field. The spar buoy, which has an approximate length of 200 meters, a diameter of 50 meters and a weight of 45,000 tons, will be transported on the new super vessel Dockwise Vanguard from either Korea or Finland, subject to yard choice, to Norway in 2015. The final contract award from Statoil is dependent on formal project sanction for the Aasta Hansteen development. Further wins for other clients comprise the transport of four drilling rigs to Rotterdam, Saudi Arabia and Singapore (all for H1 2012) and a single load of barges to Brazil in Q2 2012.

Dockwise Ltd. announced 12 new awards totaling $55m, of which six, to the value of more than $15m, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The $55m awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig, assorted dredging equipment, offshore transfer and elevation platforms and tugs & barges. Transportations in 2012 will now also include a SPAR buoy from Finland to the Gulf of Mexico and a LOI for a multi voyage module transportation assignment.

Dockwise announced its second project for the new-build vessel Dockwise Vanguard. Directly following the transportation of the Jack & St. Malo platform to the Gulf of Mexico in 2013, the Dockwise Vanguard will return to Korea to load and transport the Goliat floating, production, storage and offloading vessel [FPSO] to northern Norway. The investment decision for the construction of the Dockwise Vanguard has facilitated technical optimization of the production platform, whereby the change offers benefits to the Goliat project with respect to transit time and transportation flexibility. The financial result from this contract and the hereby announced change order confirms the earlier made financial prognosis for the vessel in its first year of operation.

DOCKWISE Ltd today publishes results for the three monthly period ended March 31, 2011. • First payment (USD 35 million) on “T-0”, world’s largest semi-sub heavy lift vessel. • Ongoing optimization of fleet: disposal of MV Explorer. o USD 103 million for execution in 2013 and beyond (USD 76 million at end Q1 2010 for execution in 2012 and beyond). The financial statements have been prepared in accordance with IFRS. * Excludes derecognition MS3 claim Q4 2010 USD 8.7 million. Q1 2010: USD 0.6 million income on debt buy back).

Dockwise has signed a contract for $25m, with an affiliate of Chevron U.S.A. Inc. regarding the transportation of the Jack & St. Malo hull from Korea to the Gulf of Mexico. It is the intention of the parties that this contract - already included in the Q3 backlog as a Letter of Intent (LOI) - will be executed on the new T-0 vessel. Another LOI published earlier this year, for the transportation of the topside for ATP's Cheviot from the fabrication yard in China to Europe and the associated float-over, was also converted into a firm contract with Bluewater Industries for a total contract value of approximately $40m. The transportation of the hull for ATP Cheviot was already awarded to Dockwise by Bluewater Industries as a separate contract in an earlier stage. In addition Dockwise Ltd.

Dockwise Ltd. Board of Directors approved of the commissioning of a newbuild vessel to serve the emerging demand for ocean transports with capacity of above 100,000 metric tons, and the notice of the same date for a special general meeting (SGM) to authorize the proposed rights issue to part-finance the investment. The SGM of the company was held on Nov. 23 in Amsterdam, the Netherlands, and all items were resolved in accordance with the Board of Directors' proposals as set out in the notice of the SGM. The minutes of the SGM are attached hereto. On basis of the authorization granted by the SGM, Dockwise has resolved to carry out a rights issue of 4…

Dockwise Ltd. has been selected as the contractor of choice for the transport of 15 onshore modules for the Koniambo Nickel Project in New Caledonia. The project is being developed by Koniambo Nickel SAS, a joint venture between Société Minière du Sud Pacifique (SMSP), and Xstrata Nickel. The Koniambo Project includes the construction of a metallurgical facility in the northern part of New Caledonia in the South Pacific. Major project facilities include the mine, the process plant…

Dockwise Ltd. announced four awards for Heavy Marine Transport (HMT) Projects that include an FPSO, two jack-up rigs and a power barge. Total revenues for these various commitments are almost $45m. Dockwise was awarded a contract with HHI (Hyundai Heavy Industries Co., LTD.) for the transport, loading, and discharge of Goliat, a 58,000 metric ton, cylinder shape Sevan 1000 design, fully integrated FPSO (Floating Production and Storage Offloading). Transport of the Goliat from Ulsan, Korea to Hammerfest, Norway is scheduled for 2013. The Goliat is 367.5 ft in diameter and 246 ft high. Dockwise has also been selected as the contractor of choice by Seadrill Offshore AS for the transport, loading, and discharge of their newbuild CJ70 jack-up rig.

Dockwise Ltd, announced that, through its subsidiary, it has successfully performed the $33m complete transport and float-over installation of 19,000mT MDPP offshore production platform for CPOC located at the JDA Block B-17, C-19 and B-17-01. Dockwise is the main contractor for CPOC, the operator. Since the contract was awarded in August 2007, Dockwise's multi-disciplined project team has been dedicated to the execution of this complete transportation and installation float-over project under the direction of the company's Senior Project Manager, Aart van den Hoonaard. Preparation for the project included custom-design and fabrication of Leg Mating Units (LMUs) and Deck Support Units (DSUs)…

Dockwise Ltd. announced its second quarter and interim 2009 results. "Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational performance has allowed us significantly to deleverage the business by nearly USD 100 million in the first half of 2009, and we continue in our efforts to strengthen the balance sheet. Stringent cost discipline and a stop on hiring of new personnel is and will be continued. Dockwise's global spread has given us access to business wherever it has emerged, while utilization rates of over 90 per cent have sustained a healthy EBITDA margin and strong cash generation.

Dockwise Ltd. announced 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 $20m 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 $45m. 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 $20m.

Dockwise Ltd. announced seven near-term contract wins for the transportation of four jack-up rigs, jack-up construction vessels, supply boats and a floating crane barge, to be transported to Rio de Janeiro, Brazil; Egypt; Sharjah, UAE; Singapore; Rotterdam, The Netherlands; Chabahar, Iran; and Trinidad, respectively. Dockwise will execute the bulk of this newly contracted work during the second quarter of 2010. In addition, the Group has secured a variation order, under the Vyborg contract, generating additional sailing days during the first half. Total revenues for the various commitments are expected to reach approximately $40m.