Dockwise, $42m in Near-term Contracts

Monday, February 02, 2009

Dockwise Ltd. announced eight near-term contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of jack- up drilling rigs, dredging equipment and various other cargoes. Total revenues for the contracts are approx $42m.

Dockwise Shipping, in company with industry partners, is to transport the drilling rigs Great Drill Chetna, Seajacks Kraken, Ocean Quest, and Offshore Intrepid to their new assignments in India, Halifax, Brazil and the Arabian Gulf respectively. On behalf of various other clients and turning to more varied cargo, Dockwise Shipping has been contracted to transport a dredging cargo to Japan, accommodation jack-ups to Rotterdam, Derrick and jack-up barges to Angola and Rotterdam as well as patrol boats to Italy. Almost all projects are for execution in the first half of 2009.

André Goedée, Chief Executive, Dockwise, said “This is encouraging news and proof of continuing good market conditions in the first half of 2009 with no discernible change from the fourth quarter of 2008. Indeed, we see not only the market for drilling rig transportation in good health but also the market for other maritime and industrial equipment cargoes. This good start to the year will help Dockwise sustain the generation of free cash flows to reduce our net debt level - a priority for the current year.”

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