New contracts for Dockwise
Dockwise Ltd. announced that three new contracts have been awarded to their subsidiaries Dockwise Shipping and ODL for the transportation of a semi submersible drilling rig, for the transportation of the hull of a production platform and for a FEED study of a jacket design respectively. Dockwise Shipping will transport the Noble Jim Day, a large sixth (6th) generation semi submersible drilling rig in 2009. The rig is currently under construction in Singapore. With the number of these large new design semi submersibles under construction still increasing, the contract for the Noble Jim Day is seen as an important development. Dockwise will also transport the hull for ATP Oil & Gas Corporation's Cheviot project currently being constructed in China.
Dockwise Announces Q4 and 2007 Results
DOCKWISE Ltd., announced its Q4 and full year 2007 results. Revenue increased 15% to USD 290 million (USD 252 million 2006). Milestone projects executed successfully: for example installation of GX deck offshore Nigeria, transport of 3 jack-up rigs on the same voyage, transport of a 6th generation semi-submersible rig and transport of the Tahiti SPAR, the largest SPAR ever. Adjusted EBITDA* increased 39% to USD 141 million (USD 102 million in 2006) . Adjusted EBITDA margin increased to 45% (40% in 2006). Total CAPEX of USD 908 million including the acquisition of Sealift, OKI and ODL.
Dockwise Acquires Offshore Kinematics
Sealift Ltd, the parent company of the Dockwise group of companies has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (OKI) and Ocean Dynamics LLC (ODL). As consideration for the acquisition, the company has agreed to issue 6.9 million new shares, of which 3.2 million will be held in escrow and released in annual installments over 3 years, plus $15.7m in cash to the current principals of OKI and ODL. The company expects revenue synergies and growth potential for the Dockwise Group from these acquisitions. This combination enhances the Dockwise Group position as a leading integrated transport and installation service provider for the Oil and Gas sector, in particular through float overs.
Sealift/Dockwise Acquires OKI and ODL
Sealift Ltd the parent company of the Dockwise group of has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (OKI) and Ocean Dynamics LLC (ODL). The company has agreed to issue 6.9m new shares, of which 3.2m will be held in escrow and released in annual installments over 3 years, plus $15.7m in cash to the current principals of OKI and ODL.
