Dockwise Ltd
oslo : DOCK

September 17, 2012 01:07 ET

Dockwise Ltd : Dockwise to extend preference shares

BREDA, THE NETHERLANDS--(Marketwire - Sep 17, 2012) - DOCKWISE Ltd. today announces that it agreed with HAL Investments B.V. ("HAL") on the extension of the preference shares that were issued to HAL in May 2012.

Dockwise has acquired almost 100% of the shares in Fairstar Heavy Transport N.V. ("Fairstar") and is preparing a buy out and delisting of the Fairstar shares. To finance the acquisition of Fairstar, Dockwise raised approximately USD 300 million by issuing USD 250 million in common shares and USD 50 million in preference shares by means of bridge equity. The preference shares were issued to HAL with an option for Dockwise to redeem such shares in cash at any time prior to 1 October 2012 or to convert these preference shares into common shares after 1 November 2012.

Dockwise is preparing a refinancing of the existing debt facilities of Dockwise and Fairstar which is expected to be realized in the course of 2013. Considering this together with the discovery of the third new build vessel at Fairstar and ongoing discussions with the yard on the final design and conditions of contract for this new build, Dockwise and HAL have agreed to amend the terms of this bridge facility, subject to a Special General Meeting of Shareholders Dockwise having approved an amendment of Schedule 1 to the Bye-laws of the Company ("Schedule 1").

These changes to Schedule 1 constitute an extension of the bridge facility until May 2013, under the same terms and conditions as approved at the 9 May 2012 AGM, with Dockwise getting the option to start the execution of the (partial) conversion of the preference shares into new common shares in Dockwise as described in article 5 of Schedule 1 during windows in December 2012, March 2013 and May 2013 and with Dockwise and HAL having the option to modify and/or extend the relevant dates and periods with a maximum of 12 months (until June 2014) with mutual consent.

About Dockwise Ltd. / Dockwise Group

Dockwise Ltd., a Bermuda incorporated Company, has a workforce of more than 1,300 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 Italy. The Dockwise Shipping network is supported by agents in Norway, Argentina and Italy.

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 operates a fleet of 24 purpose built semi-submersible vessels (including MV Dockwise Vanguard and MV Finesse).

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

For further information: www.dockwise.com

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#1641412]

Contact Information

  • For further information please contact:
    Fons van Lith
    M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116
    E: Email Contact