SOURCE: Dockwise Ltd

August 22, 2007 02:23 ET

Dockwise Ltd: awarded contract for float-over and installation of offshore module in Asia

BREDA, NORWAY--(Marketwire - August 22, 2007) -

Hamilton, Bermuda, 22 August 2007 - Dockwise Ltd ("Dockwise") has been awarded a contract for the float-over and installation of an offshore module by the Thai-Malaysian company CPOC (Carigali- PTTEPI Operation Company). The 19,000 tonnes topside (MDPP deck) will be transported and installed by Dockwise in 2009 in the Joint Development Area, the economic zone located offshore between Malaysia and Thailand in the Gulf of Thailand. The value of the contract is between USD 25 and 35 million.

The contract enhances Dockwise's strategic goal of becoming a leading integrated transport and installation service provider for the Oil and Gas sector.

Mr. André Goedée, CEO of Dockwise Ltd, says: "We are very pleased that CPOC has awarded Dockwise this contract. Also, our recent acquisition of Offshore Kinematics Inc. (OKI) and Ocean Dynamics LLC (ODL) has contributed to obtaining this contract. The contract award illustrates the possible advantages of joining OKI and ODL's experience in the installation of offshore modules with our existing assets, namely our large open stern semi submersible vessels, and our established engineering and project management capabilities. With this contract, management is further strengthened in its aim of developing Dockwise's float-over and installation business, along with its traditional heavy lift transport services."

The MDPP deck will be transported and installed by the Dockwise semi-sumersible heavy transport vessel Black Marlin.

About Dockwise Ltd/the Dockwise Group

Dockwise Ltd is the parent company of the Dockwise group of companies (the "Dockwise Group"), one of the world's leading integrated heavy lift services providers.

Following the recent combination with Dockwise Ltd (then named Sealift Ltd), the Dockwise Group 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 is able to transport the heaviest cargos over vast distances. In addition, the Dockwise Group provides its customers with high value added services such as engineering, project management and front-end engineering design, particularly in the transportation and installation of offshore structures business. This capability has been further enhanced by the recent acquisitions of Offshore Kinematics Inc and Ocean Dynamics LLC. The Dockwise Group employs about 800 people worldwide. With a global network of offices in Bermuda (Dockwise Ltd's headquarters), Breda, (the Netherlands, being the operational headquarters of the Dockwise Group), Houston (Texas, USA), Shanghai (China), Shenzen (China), Busan (South Korea), Lagos (Nigeria) and Fort Lauderdale (USA)/Golfe Juan (France)/Genua (Italy) (Dockwise Yacht Transport), as well as 8 representing agents, the Dockwise Group provides an extensive service network to its clients.

For further information:

This document contains certain forward-looking statements relating to the business, financial performance and results of the Dockwise Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Dockwise Group or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Dockwise Group nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlying such forward- looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Dockwise Group nor any of its subsidiary undertakings nor any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.


For further information:
Jacqueline Lenterman,
Investor Relations
Tel: +31 (0)6 29 39 39 69

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