Dockwise Ltd
oslo : DOCK

April 29, 2012 14:14 ET

Dockwise Ltd: Dockwise Increases Ownership in Fairstar to 28%

BREDA, THE NETHERLANDS--(Marketwire - Apr 29, 2012) -

Dockwise Ltd. through its subsidiary Dockwise White Marlin B.V. ("Dockwise") has last week completed the acquisition of 19% shares in Fairstar Heavy Transport N.V. ("Fairstar") and Dockwise has now waived the sole remaining condition in purchase agreements for almost 9% of the Fairstar shares. These agreements will be completed in the next few days. As a result, Dockwise has now unconditionally bought almost 28% of the shares in Fairstar. Dockwise still has one conditional purchase agreement for just over 26% of the shares in Fairstar currently owned by Oceanus. Completion of this agreement remains conditional on the approval of resolutions for the financing of the purchase of shares in Fairstar through an offering and issuance of new shares in Dockwise, primarily by the way of a rights issue, which approval is to be obtained at the Dockwise's Annual General Meeting which will be held on 9 May 2012 (the "AGM").

Following the Fairstar General Meeting of Shareholders on Friday 27 April last, Fairstar expressed certain allegations and suggested that Dockwise's offer does not comply with the relevant rules and regulations and indicated it would commence an investigation into "undisclosed Dockwise shareholder agreements". Dockwise rejects any such allegations. Dockwise made all required disclosures, acted in compliance with all relevant rules and regulations and Dockwise will continue to do so.

Following and subject to approval at the AGM of the rights issue, the remaining conditional purchase agreement for just over 26% of the Fairstar shares of Oceanus will be completed. Thereafter Dockwise intends to launch a public offer to acquire all of the remaining issued shares in Fairstar for 9.30 NOK per share in cash.

About Dockwise Ltd/Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200 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 Breda, the Netherlands. The Group's main commercial offices are located in the Netherlands, the United States and China with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Genoa, Italy. The Dockwise Shipping network is supported by a global network of agents.

To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shanghai, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 19 purpose built, semi-submersible vessels.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext Amsterdam under ticker DOCKW.

For further information:

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Dockwise Ltd via Thomson Reuters ONE [HUG#1607173]

Contact Information

  • For Information:

    Fons van Lith
    Email Contact
    +31 76 5484116 or +31 651 314 952