SOURCE: Dockwise Ltd

October 14, 2008 09:35 ET

DOCKWISE concludes USD 84m VYBORG / Shtokman Contract

HAMILTON, BERMUDA--(Marketwire - October 14, 2008) - Following the letter of intent announced in June 2008, 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 USD 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, 600km offshore Murmansk. The first topside structure is scheduled to be loaded end April 2010 for installation between July and August 2010; the second at end October 2010 for installation around February 2011. The structures will be transported from Geoje Island, Korea, to the assembly locations in the Murmansk harbour area. Each topside is estimated to weigh around 22,000 tons.

André Goedée, CEO of Dockwise Ltd., comments:

"The Vyborg / Shtockman contract is a milestone in Dockwise's history. It demonstrates our primacy in handling extreme challenges: scale, distance, and climactic conditions are the significant features of this assignment. Furthermore, our installation role shows how Dockwise is developing its presence in the upstream production cycle. We are excited by the prospect of the Russian arctic market and are actively exploring ways to build upon today's announcement to develop long term relationships with Russian clients."

For further information please contact:

Fons van Lith Tel : +14415991818

About Dockwise Ltd/the Dockwise Group

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, and Italy.

To support all of its services to customers, the group also has three engineering centers in Houston, Breda and Shenzen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 22 purpose build semi-submersible vessels of which currently 19 are operational and 3 will become operational end of 2008.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK.

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