SOURCE: Dockwise Ltd

November 28, 2008 02:58 ET

Dockwise Secures USD 45 million in Near- and Mid-term Contract Awards

HAMILTON, BERMUDA--(Marketwire - November 28, 2008) - Dockwise Ltd. announces 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 USD 45 million.

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. Turning to more varied cargo, Dockwise Shipping has been contracted to transport a dredging cargo to Saudi Arabia, the KS Titan 2 liftboat to Rotterdam as well as a workover jack-up to Gabon. All projects are for execution in the final quarter of 2008. In 2009, Dockwise Shipping will transport the semi-submersible West Setia for Seadrill from its present in-yard location in Singapore to West Africa.

In 2010 the newbuild semi-submersible production platform Delba III will be transported to Brasil.

Dockwise's CEO André Goedée said:

"This is encouraging news. The spot market for drilling rig transportation continues to be in good health, and our income to be supplemented by revenue streams from other cargoes. Realizing the strongest quarter ever would be a fantastic stepping stone into 2009. In addition, we are now only a few months from commencing a major programme to utilise our strong free cashflow to pay down debt."

Notes for Editors:

About Dockwise Ltd

Dockwise Ltd. has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The group is headquartered in Bermuda with amongst others operational offices in Breda, The Netherlands. The group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has offices in France and Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina, Australia and Italy.

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