Dockwise Awarded Four Contracts
Dockwise announced that their subsidiary Dockwise Shipping was awarded four contracts for the transportation of drilling and production equipment.
Dockwise Shipping will transport jack-up drilling rigs Transocean (RIG) Nordic, Murmanskaya and Atwoord Aurora within 2008. The PetroProd CJ 70 production rig is currently under construction at Jurong Shipyard in and is scheduled for delivery in the 3rd quarter of 2010. The PetroProd unit is one of the world's largest production jack-up rigs, with legs of more than 200 m height and with a weight of approx. 33,000 tons.
All contracts contribute to the Dockwise strategic objective to materially expand activities in both rig transport (core business) and transport of offshore production facilities. The total value of the four (4) contracts is in excess of USD 25 million.
The financial guidance for 2008 is that adjusted EBITDA will increase by at least 60% relative to 2007.