SOURCE: Dockwise Ltd

December 27, 2007 02:00 ET

Dockwise Transport BV takes delivery of second of series of six semi- submersible heavy transport vessels

BREDA, NORWAY--(Marketwire - December 27, 2007) -

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.

After successfully completing the submerging test and sea trials, the vessel was delivered to the owners on December 24, 2007. The heavy transport vessel is designed to transport complex, high-value cargo and has a carrying capacity in excess of 35,000 tons. With an unobstructed deck area measuring 44.5 m x 130 m, the vessel is well suited to carrying semi-submersible and jack-up drilling units, as well as offshore structures.

This vessel was converted at the COSCO shipyard in Nantong, China. The entire midsection is newly constructed and fitted to the bow and aft part of the single-hull tanker. As a result, the classification authorities consider the vessel to have an economic life of around ten years, resulting in a remaining economic life of 20 years.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels. Crews, superintendents and other personnel will therefore be completely familiar with all operating procedures, ensuring safe operations.

Since the merger, Dockwise has been able to secure several contracts, building the backlog of this vessel.

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