Dockwise Contracts & Financials

Thursday, October 30, 2008

In the light of current financial market conditions, Dockwise reiterates the security of its debt structure and the strength of its cash flow position. Current trading continues consistently in-line with guidance provided at interim results announcement.

Dockwise Shipping is to transport the drilling rig, Noble Hans Deul, from its new-build yard in to its first assignment in the . Jack-up rig Noble Carl Norberg will be moved from West Africa to a new assignment in . On behalf of CCCC from China Dockwise Shipping will also transport three loads of dredging equipment to and . All projects are for execution in the final quarter of 2008, with total revenues of more than $27m.

André Goedée, Chief Executive, Dockwise Ltd, said: "Progress in 2008 continues according to plan and we see encouraging signs in our markets as we look ahead into 2009. Our investment in fleet refurbishment and expansion during 2008 has equipped Dockwise well to capture growth opportunities in both traditional and new markets.”

“The current capex program is nearing completion and following the final installments this winter, Dockwise will become free cashflow positive during the first quarter of 2009. We will then progressively deleverage our business and review options to develop value and reward shareholders."

Dockwise will present Q3 results on 17 November 2008.


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