Dockwise $30M in Heavy Marine Transport Contracts

Monday, January 03, 2011

Dockwise has signed a contract for $25m, with an affiliate of Chevron U.S.A. Inc. regarding the transportation of the Jack & St. Malo hull from Korea to the Gulf of Mexico. It is the intention of the parties that this contract - already included in the Q3 backlog as a Letter of Intent (LOI) - will be executed on the new T-0 vessel.

Another LOI published earlier this year, for the transportation of the topside for ATP's Cheviot from the fabrication yard in China to Europe and the associated float-over, was also converted into a firm contract with Bluewater Industries for a total contract value of approximately $40m. The transportation of the hull for ATP Cheviot was already awarded to Dockwise by Bluewater Industries as a separate contract in an earlier stage.

In addition Dockwise Ltd. announces eight awards for Heavy Marine Transport (HMT) that have recently been secured by its subsidiary Dockwise Shipping, with a total contract value of $30m. Dockwise was awarded a contract to transport the KS Titan 2 Lift Boat from Rotterdam to Luba, Equatorial Guinea in late Q4 2010. Also booked for the last quarter 2010 were the transportation of the MENAdrill 1, a Super M2 Jack Up Rig from United Arab Emirates to Mexico and three further jack- up rigs. The total value of these five contracts is some 13.5 million.

Also booked were the transportation of the Noble Clyde Boudreau semi-submersible drilling rig from Gulf of Mexico USA to Brazil in Q1 2011. In addition, Dockwise was also selected as the contractor of choice for the transportation of a topside to Europe and of the jack-up barge GMS Endeavour, from Abu Dhabi to Rotterdam in Q1 2011.

In the 4th quarter 2010 the dispute with the former owners of the company regarding reinstatement of Mighty Servant 3 has been settled. The outcome was already included in the prospectus that was released on 26th November 2010. It will be reflected in the Q4 and full year 2010 Profit and Loss Accounts of the company by a $8.7m (non cash) derecognition of receivables in exchange for a claim on insurers. Any future proceeds from the claim on insurers will be recognized as income through the Profit and Loss Accounts if and when awarded.

André Goedée, Chief Executive Officer: "Through the year 2010 we have seen a slow increase in utilization in a stable pricing environment be it on a low level. Long term projects like Koniambo and Vyborg have balanced the spot market dynamics. The year 2011 will have more of a spot market nature than 2010 and is therefore still uncertain from a backlog perspective. However markets that typically demand for these kind of services like for example exploration drilling seem to demonstrate more activity. The years beyond look promising and we continue tendering for interesting projects at the horizon."

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