Dockwise concludes $84M Vyborg/Shtokman Contract

Dockwise Ltd. announces that through its subsidiary, Dockwise Shipping B.V., it has been contracted by Vyborg Shipyard to transport two topside structures from Korea to the Barents Sea and to install the units on semi-submersible hulls, using the float-over technique. Dockwise will receive $84M over the three year contract, with the revenue contributing immediately to fourth quarter 2008 cashflows.

Vyborg Shipyard was commissioned by Gazflot (the operating arm of Gazprom) to construct two platforms designed for operation in the arctic conditions of the giant new Shtokman field, 600 km offshore . The first topside structure is scheduled to be loaded end April 2010 for installation between July and August 2010-The second to be loaded at the end October 2010 for installation around February 2011. The structures will be transported from , , to the assembly locations in the harbor area. Each topside is estimated to weigh around 22,000 tons.