Boskallis' Wooing of Dockwise Culminates in Success
Dockwise supports combination with Boskalis and recommends the Boskalis Offer to shareholders. The Board of Directors of Dockwise has unanimously resolved to support the combination of Dockwise and Boskalis and to recommend the mandatory cash offer by Boskalis of EUR 18.50 / NOK 137.65 per share cum dividend for all of the issued and outstanding common shares in the capital of Dockwise. Boskalis welcomes the position of Dockwise. As indicated by Dockwise from the outset of the offer process, Dockwise recognises the strategic merits of the Combination. The Combination fits within the strategy of Dockwise to expand in the offshore transport and installation as well as the logistical management market…
Dockwise Encouraged by Increased Offer
Dockwise ltd has taken notice of this morning's release on the agreement between Boskalis Westminster NV ("Boskalis") and Project Holland Fonds whereby the latter has committed to sell their shares in Dockwise for a price of Euro 18 per share. Dockwise is encouraged by the increase in price by 5% from Euro 17.20 to Euro 18 per share but is of the opinion that this increased price does still not sufficiently reflect the value of Dockwise ltd. Dockwise will continue the dialogue with Boskalis on the conditions of the intended offer including their request for due diligence.
Dockwise Sells Dock Express 10 and 12
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.
Dockwise to Review Merits of Intended Offer Boskalis
Dockwise Ltd. confirms it has received an unsolicited intended offer from Royal Boskalis Westminster N.V. ('Boskalis') for the acquisition of all outstanding shares of Dockwise at an offer price of EUR 17.20 per share cum dividend. The intended offer by Boskalis is subject to certain specified and unspecified conditions. The Board of Directors of Dockwise, together with its financial and legal advisers, will consider the intended offer of Boskalis to assess its merits, risks and the consequences for Dockwise and its shareholders, as well as its employees and other stakeholders, compared with the stand-alone strategy of Dockwise and other alternatives.
Dockwise, Sealift to Merge
Heavy lift transporters Dockwise and Sealift announced that the two companies will merge, whereby the Sealift vessels will be integrated into the Dockwise fleet, and the company will trade under the Dockwise name. 3i, the largest shareholder in Dockwise, and Frontline, the largest shareholder in Sealift, have both approved the merger. Sealift was founded by Frontline to manage and operate six large Suezmax tankers, which are due to be converted into semi-submersible heavy transport vessels. The first of the six converted will be operational in May, following its conversion in China. The remaining five vessels will be delivered through 2007 to the end of 2008.
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 Changes Name to Dockwise Ltd.
At the Annual General Meeting of Shareholders today, shareholders approved the name change of Sealift Ltd to Dockwise Ltd. This name change will take on July 31. The Dockwise Group of companies is an integrated heavy lift services providers. Following the recent combination with its parent company Sealift Ltd, the Dockwise Group of companies currently owns a fleet of 22 vessels, of which 17 are semi-submersible heavy transport vessels and the remaining 5 are due to be converted into semi-submersible heavy transport vessels. The Dockwise Group of companies is able to transport the heaviest cargos over vast distances. In addition, the Dockwise Group of companies provides its customers with high value added services such as engineering…
Dockwise Backlog Update
Dockwise Ltd. announced that contracts have been secured by its subsidiary Dockwise Shipping. Next to an engineering assignment, the transportation of a semi- submersible rig, a jack- up rig and river barges for a value of $20m were signed for the short term. For execution in 2012 Dockwise received a Letter of Award for the transport and installation by means of a float over of a large offshore production platform in the Far East for a value of $45m. Dockwise has been contracted to transport drilling rigs to Australia and Rotterdam respectively. The bulk of the rig contract work is for completion within the first half of 2010. Total contract revenues are expected to be approximately $20m.
Dockwise Secures $63 in Contracts
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.
Dockwise Transport BV Receives Heavy Lift Vessel
Following the delivery of the "Transporter" in May 2007, heavy lift vessel "Target", one of the former Sealift vessels, now joins the fleet of Dockwise Transport BV, a wholly owned subsidiary of Dockwise Ltd. The "Target" is the second of six single-hull tankers to be converted into heavy lift vessels. These six vessels, recently added to the Dockwise fleet, of which the last is scheduled for delivery at the end of 2008, will enable Dockwise to optimize strategic deployment of the 22-vessel fleet to best serve the various markets. More specifically, Dockwise will be able to provide clients with unparalleled flexibility in using various types of vessels, reducing risk and increasing scheduling and contracting opportunities for different clients.
Dockwise Takes Delivery of Heavy Transport Vessels
Following the delivery of the Transporter in May 2007, heavy lift vessel Target, one of the former Sealift vessels, now joins the fleet of Dockwise Transport BV, a wholly owned subsidiary of Dockwise Ltd. The Target is the second of six singlehull tankers to be converted into heavy lift vessels. These six vessels, recently added to the Dockwise fleet, of which the last is scheduled for delivery at the end of 2008, will enable Dockwise to optimize strategic deployment of the 22-vessel fleet to best serve the various markets. More specifically, Dockwise will be able to provide clients with unparalleled flexibility in using various types of vessels, reducing risk and increasing scheduling and contracting opportunities for different clients.
Mighty Servant 3 Back at the End of 2008
The flat deck open stern semi-submersible heavy transport vessel Mighty Servant 3 is due to rejoin Dockwise's operational fleet at the end of 2008 after being fully reinstated at the Grand Bahama Shipyard Ltd. Dockwise Ltd. and Grand Bahama Shipyard Ltd. entered into an agreement for the complete renovation of the Mighty Servant 3. Dockwise and Grand Bahama Shipyard Ltd. expect to complete this operation by the end of 2008. The causes of the accident are being investigated by both the Dutch Shipping Council and the Angolan Inquiry Commission. The final conclusions have not yet been published. The Dockwise internal investigation suggests neither technical equipment nor a structural integrity failure. All possible liabilities have been settled with the Angolan government. Dockwise Ltd.
Dockwise Increase Holdings in Fairstar
Dockwise, through subsidiary Dockwise White Marlin B.V., now controls 93.63% of the outstanding shares of Fairstar Heavy Transport N.V. Following various trades Dockwise purchased approximately 10.2% in Fairstar, increasing its holdings from 83.4% to 93.63%. Shares were bought from ODIN and certain other shareholders. Dockwise, headquartered in Breda, The Netherlands. is a leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext Amsterdam under ticker DOCKW.
Thunderhorse Arrives on Dockwise Ship
Dockwise Shipping B.V. today set a new record by delivering BP’s 59,500-ton semi-submersible Thunder Horse platform in Corpus Christi, USA. Already on June 19, 2002 Dockwise has been awarded the contract for the sea transportation of the largest semi-submersible PDQ (Production & Drilling Quarters) unit ever built of its kind by DSME in South Korea. The Thunder Horse PDQ is transported on the largest heavy transport vessel of the Dockwise fleet the m.v. Blue Marlin. After a smooth float-on loading operation of the Thunder Horse PDQ, the Blue Marlin has set sail on 23 July for the 15,813 n.m.
Dockwise Secures $42m in Contracts
Dockwise Ltd. announced nine near-term contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of a jack-up drilling rig, dredging equipment, military and various other cargoes. Total revenues for the contracts, including the previously announced first quarter transportation of the HMS Endurance, are approx $42m. Dockwise Shipping, in company with industry partners, is to transport the drilling rig Soraya to its new assignment in Thailand. On behalf of various clients, Dockwise Shipping has been contracted to transport three dredging cargoes to Japan, Angola and Bahrain, various barges to Angola and Nigeria, cranes and gantries to United Arabic Emirates as well as a project for the Canadian navy. All projects are for execution in the first half of 2009.
Dockwise Reduces Debt by $58m in Q2
Dockwise announced that it expects to reduce its debt by a total of $58m to just below $963m by the end of Q2 2009. Following its 18-month refurbishment, MV Mighty Servant 3 will shortly rejoin the fleet of Dockwise Transport B.V., a wholly owned subsidiary of Dockwise Ltd. Mighty Servant 3 will bring Dockwise's total fleet to 20 semi submersible vessels. Delivery of the vessel triggers the release of the remaining $40.6m currently held in escrow to cover the costs of reinstatement and vendor compensation. Settlement of the previously announced debt buy back is scheduled for 30 June 2009. As a result, the group's debt will reduce by some $8.5m. Dockwise agreed the sales of Dock Express 10 and 12 in 2008 as part of its strategy to optimize fleet composition.
Dockwise Wins Military Contracts
Dockwise Ltd. announces that its subsidiary Dockwise Shipping has entered into contracts with the Spanish naval shipyard Navantia for the transport of two Canberra-class amphibious helicopter carriers (LHD) and with the Russian naval shipyard Zvezda for the transport of two nuclear powered submarines. Navantia, located in Ferrol, Spain, a naval shipyard, is building the two LHD's for the Australian Navy. The hull of the vessels and its outfitting will, to a large extend be completed by the Spanish yard. The final construction, outfitting and commissioning will be performed by Australian contractors. In this arrangement the transport to Melbourne on the deck of a semi submersible transport vessel is the preferred option.
Dockwise Secures $45m in Contracts
Dockwise Ltd. announced nine near and midterm contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of jack- up and semi submersible drilling rigs, dredging equipment and various other cargoes. Total revenues for the contracts are approx $45m. On behalf of Noble Drilling, Dockwise Shipping is to transport the drilling rig Noble Roy Butler to its new assignment in the Gulf of Mexico. Following the recent announcement that Dockwise had been contracted to transport the Noble Carl Norberg to the same location, both jack-up rigs will travel in a single journey aboard the same vessel, thus optimizing mobilization time and cost. On behalf of various other clients, Dockwise Shipping will transport three jack-up drilling rigs to Malaysia, China, and Dubai.
Dockwise Vanguard Books Second Journey
Dockwise announced its second project for the new-build vessel Dockwise Vanguard. Directly following the transportation of the Jack & St. Malo platform to the Gulf of Mexico in 2013, the Dockwise Vanguard will return to Korea to load and transport the Goliat floating, production, storage and offloading vessel [FPSO] to northern Norway. The investment decision for the construction of the Dockwise Vanguard has facilitated technical optimization of the production platform, whereby the change offers benefits to the Goliat project with respect to transit time and transportation flexibility. The financial result from this contract and the hereby announced change order confirms the earlier made financial prognosis for the vessel in its first year of operation.
Perdido Truss Spar Delivered
Dockwise Ltd. said that the Perdido Truss Spar was safely delivered by the semi-submersible vessel Mighty Servant 1 on Friday 27 June 2008. The Spar was skidded on board the vessel on 19 May 2008 in Pori, Finland by Dockwise Shipping, a wholly owned subsidiary of Dockwise Ltd.; and was successfully transported to Ingleside, Texas. Dockwise was contracted on June 1st 2006 by Technip Offshore Inc. for the safe execution of all aspects of the delivery of the 20,956 tons heavy sparbuoy. The total height of the spar is 173.3 meters. The buoy diameter measures 35.97 meters. Dockwise has a renowned name in the transport and installation of offshore structures like production platforms and truss spars. André Goedée, CEO at Dockwise Ltd.
Boskalis Intends to Buy Dockwise
The addition of Dockwise's activities to the Boskalis group will provide an extensive package of services for clients in the oil and gas sector. The new combination will be in a better position to serve clients with the optimal deployment of people and equipment under increasingly complex circumstances worldwide. Combining the vessels of Dockwise with the project management expertise and engineering know-how of Boskalis will also enable a fast track implementation of the strategic ambition to execute Transport & Installation (T&I) projects. The two companies are currently jointly tendering for a large T&I project in Australia. Furthermore…
Dockwise Christens Super Ship in China
Dockwise Yacht Transport , a group company of Dockwise, recently merged with Sealift Ltd, has christened the largest and most modern yacht carrier in the world. The vessel has been built at the Yantai Raffles Shipyard in China. The 687.5-foot (209 meter) Yacht Express is purpose-built with a semi-submersible dock bay that allows yachts of any size to be safely floated on and off as cargo. Dockwise is considered the global leader in maritime transports of extremely large and heavy cargoes. Dockwise Yacht Transport LLC (DYT), which also operates four other semi-submersible yacht carriers, is based in Fort Lauderdale, USA.
Dockwise Listing Prospectus Approved
Dockwise Ltd., one of the world's leading integrated heavy lift sea transport companies, announces that Oslo Børs has approved its listing prospectus. It is expected that all 211,363,138 ordinary shares of the Company currently outstanding will be listed on Oslo Børs on 2 October 2007. Dockwise will list under the ticker symbol "DOCK", ISIN number BMG2786A 1062. The listing of Dockwise Ltd. on the Norwegian Over-The-Counter market will terminate from that date onwards. Dockwise is considering a private placement and potential issuance of new shares to be undertaken at an appropriate time depending on market conditions. Any decision on such private placement will be announced over the Oslo Børs notification system.