Dockwise Secures $63 in Contracts

Monday, June 01, 2009

Dockwise Ltd. announced eleven near-and longer term contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of jack-up drilling rigs, semi submersible rigs and port & marine infrastructure. Total revenues for the contracts are approx $63m, adding $33m to the backlog end of Q1 2009.

Dockwise Shipping, in company with industry partners, is to transport the jack up drilling rigs COSL Craft, Shelf Explorer (forth and back), Seajacks Leviathan and Gorilla III to their new assignments in China, Sakhalin, Netherlands and Canada respectively. On behalf of various clients, Dockwise Shipping has been contracted to transport four cranes, dredging equipment, a jack up working platform and an accommodation barge to USA, Equatorial Guinea, Egypt and Angola respectively. All contracts to be executed in Q2, Q3 and Q4 2009. Also to be executed in the second half of 2009 is the transport of semi submersible drilling rig Victoria to Brazil. Turning to longer term contracts Dockwise Shipping has been contracted to transport semi- submersible rig La Muralla to Mexico in 2010. Both the Victoria and La Muralla are 6th generation dynamic positioning rigs.

Of this $63m, $30m was already reported in backlog per 31 March 2009.

André Goedée, Chief Executive, Dockwise Ltd., said, "The market for drilling rig transportation continues to show mobility of rig equipment. With ongoing shortening of lead times to execution Dockwise is able to provide its clients maximum flexibility of its 20 vessel fleet. For the current year we rely on our core heavy marine transport activities. It is encouraging to see that also contracts for the longer term are added to our backlog, underpinning the strategic choices we made. This will increase Dockwise's visibility on future revenues and earnings."


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