Dockwise Secures $42m in Contracts

Wednesday, March 18, 2009

Dockwise Ltd. announced nine near-term contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of a jack-up drilling rig, dredging equipment, military and various other cargoes. Total revenues for the contracts, including the previously announced first quarter transportation of the HMS Endurance, are approx $42m.

Dockwise Shipping, in company with industry partners, is to transport the drilling rig Soraya to its new assignment in Thailand. On behalf of various clients, Dockwise Shipping has been contracted to transport three dredging cargoes to Japan, Angola and Bahrain, various barges to Angola and Nigeria, cranes and gantries to United Arabic Emirates as well as a project for the Canadian navy. All projects are for execution in the first half of 2009.

André Goedée, Chief Executive, Dockwise Ltd., said, "The market conditions Dockwise experienced in the final quarter of 2008 are continuing into 2009. The market for drilling rig transportation continues to show mobility of rig equipment, but also the market for Port and Marine Infrastructure remains active. Our global footprint repeatedly and increasingly allows us to identify new markets and to offer our services to new clients. This continued 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."

(www.dockwise.com)

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