Dockwise Fleet News

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 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. 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, announces that, through its subsidiary the fully renewed and reinstated Mighty Servant 3 has rejoined the fleet of Dockwise. The vessel has been under repair at the Grand Bahama Shipyard since January, 2008. The entire vessel has been rebuilt beginning with the steel hull. New machinery, electrical systems and equipment have been installed to the latest standards and designs, using the original functionality and foot print. "This is a reinstatement project in a magnitude that has never been performed before - no one has ever taken a vessel submerged in 50 meters of seawater for 5 months and brought her back to service. This has been a very unique project," stated Eugène van Dodeweerd, Manager Fleet Supervision Quality & Safety of Dockwise Shipping B.V..

Dockwise Ltd. announced the sale of two type IV vessels to focus the company's fleet on premium cargoes. Both Dock Express 10 and 12 have been sold to an undisclosed buyer at a modest book profit to Dockwise. DE 10 was delivered to the buyer on Feb. 10, and DE 12 will be transferred end of April 2009. The divestment by subsidiaries of the two of Dockwise's type IV vessels,followed from a cost-revenue analysis of the vessels' operation in market segments with a relatively low contribution. Furthermore, with DE 10 and DE 12 having completed 30 years service, maintenance to meet Dockwise's offshore equipment standards would require additional investment in Life Time Extension.

Following the delivery of the Transporter in May 2007, heavy lift vessel Target, one of the former Sealift vessels, now joins the fleet of Dockwise Transport BV, a wholly owned subsidiary of Dockwise Ltd. The Target is the second of six singlehull tankers to be converted into heavy lift vessels. These six vessels, recently added to the Dockwise fleet, of which the last is scheduled for delivery at the end of 2008, will enable Dockwise to optimize strategic deployment of the 22-vessel fleet to best serve the various markets. More specifically, Dockwise will be able to provide clients with unparalleled flexibility in using various types of vessels, reducing risk and increasing scheduling and contracting opportunities for different clients.

Following the delivery of the "Transporter" in May 2007, heavy lift vessel "Target", one of the former Sealift vessels, now joins the fleet of Dockwise Transport BV, a wholly owned subsidiary of Dockwise Ltd. The "Target" is the second of six single-hull tankers to be converted into heavy lift vessels. These six vessels, recently added to the Dockwise fleet, of which the last is scheduled for delivery at the end of 2008, will enable Dockwise to optimize strategic deployment of the 22-vessel fleet to best serve the various markets. More specifically, Dockwise will be able to provide clients with unparalleled flexibility in using various types of vessels, reducing risk and increasing scheduling and contracting opportunities for different clients.

Heavy transport shipping company Dockwise Shipping B.V. took delivery of the M/V Blue Marlin after her conversion into the world's largest semi-submersible heavy transport vessel able to carry heavy cargoes up to 73,000 tons. After a conversion of 3 months at the Hyundai Mipo Dockyard in Ulsan, South Korea the heavy transport vessel Blue Marlin has re-joined the Dockwise fleet with an increased deadweight capacity of 76,061 tons. The beam has been increased by 21 m, which results in an increased unobstructed deck area of 11,227 sq. m (63 m wide x 178.2 m long).

Heavy transport shipping company Dockwise Shipping B.V. took delivery of the M/V Blue Marlin after her conversion into the world's largest semi-submersible heavy transport vessel able to carry heavy cargoes up to 73,000 tons. After a conversion of three months at the Hyundai Mipo Dockyard Blue Marlin has re-joined the Dockwise fleet with an increased deadweight capacity of 76,061 tons. The beam has been increased by 21 m, which results in an increased unobstructed deck area of 11,227 sq. m (63 m wide x 178.2 m long). The propulsion system of the vessel has been upgraded and extended with two Azimuth retractable propulsors, each 4.5 MW, to provide optimum manoeuvrability and seagoing characteristics while carrying ultra large cargoes.

Anglo-Eastern have announced plans to expand their Antwerp office into a fully fledged ship management office, as of September 1st, 2004. Peter Cremers, CEO of the Anglo-Eastern Group said: “Too often people think that independent ship managers only manage ships under so-called Flags of Convenience. “I believe there is a strong market for quality ship management among ship owners flying national flags. We have managed ships under the Canadian, New Zealand, British and (with the acquisition of the Dockwise Fleet), Dutch national flags for some time. “Our Glasgow office is now running strong and is active in most of Europe. However, specific…

Dockwise Shipping B.V. today set a new record by delivering BP’s 59,500-ton semi-submersible Thunder Horse platform in Corpus Christi, USA. Already on June 19, 2002 Dockwise has been awarded the contract for the sea transportation of the largest semi-submersible PDQ (Production & Drilling Quarters) unit ever built of its kind by DSME in South Korea. The Thunder Horse PDQ is transported on the largest heavy transport vessel of the Dockwise fleet the m.v. Blue Marlin. After a smooth float-on loading operation of the Thunder Horse PDQ, the Blue Marlin has set sail on 23 July for the 15,813 n.m.

Maritime companies Dockwise and Sealift announced a merger. By combining their fleet of vessels, the companies will be able to provide an enhanced service to customers. Following the merger, the Sealift vessels will be integrated into the existing Dockwise fleet and the company will trade under the Dockwise name. 3i, the largest shareholder in Dockwise, and Bermuda based Frontline, the largest shareholder in Sealift, have both approved the merger. Sealift, which is listed on the Oslo OTC market, was founded by Frontline to manage and operate six large Suezmax tankers, which are due to be converted into semi- submersible heavy transportation vessels. The first of these six vessels will be operational in May, following the completion of its conversion in China.

Heavy lift transporters Dockwise and Sealift announced that the two companies will merge, whereby the Sealift vessels will be integrated into the Dockwise fleet, and the company will trade under the Dockwise name. 3i, the largest shareholder in Dockwise, and Frontline, the largest shareholder in Sealift, have both approved the merger. Sealift was founded by Frontline to manage and operate six large Suezmax tankers, which are due to be converted into semi-submersible heavy transport vessels. The first of the six converted will be operational in May, following its conversion in China. The remaining five vessels will be delivered through 2007 to the end of 2008.