Dockwise Sells Dock Express 10 and 12

Thursday, February 12, 2009

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. The sale of both vessels is in line with plans previously outlined to enhance the focus of the organization on premium projects requiring the differentiated service potential of type I, II and III vessels.

DE 10 completed its final journey for Dockwise on 9 February 2008. DE 12 will complete its final journey for Dockwise end of April 2009 and will be delivered to the buyer that same day. The buyer will operate both vessels in markets to which Dockwise has no access.
 
André Goedée, Chief Executive, Dockwise Ltd, said "Dockwise intends to expand our value-added transport services, including engineering, installation and project management, and these areas of work require types I, II and III vessels which create the highest value. This divestment optimizes the composition of the Dockwise fleet and increases our focus on the premium end of the business."

(www.dockwise.com)

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