Dockwise Ltd
oslo : DOCK
EURONEXT AMSTERDAM : DOCKW

July 14, 2012 17:02 ET

Dockwise Ltd : Fairstar Board unanimously recommends acceptance of NOK 10 per share;

Dockwise and Fairstar reach final agreement

BREDA, THE NETHERLANDS--(Marketwire - Jul 14, 2012) - Fairstar Heavy Transport N.V. ("Fairstar") and Dockwise Ltd ("Dockwise") today announce their agreement on the recommended acquisition by Dockwise of the remaining shares in Fairstar. The exit to be realized through purchases on the Oslo Stock Exchange for an amount of NOK 10 per Share for a period of four weeks from today (the "Exit"). The Management Board and the Supervisory Board of Fairstar unanimously recommend the remaining shareholders to sell their Fairstar shares in the Exit.

Dockwise, through its wholly-owned subsidiary Dockwise White Marlin B.V. (the "Company"), so far has acquired more than 95% of the shares of Fairstar.

The combination of Dockwise and Fairstar creates a global champion in the transport and oil & gas service provider market. The combined business, will be headquartered at Breda, with operating offices at Rotterdam, Houston and Shanghai. The enlarged business represents a significant continuing presence for the Netherlands' maritime industry in global oil and gas services.

Dockwise and Fairstar have reached an agreement that satisfies Fairstar's concerns towards all Fairstar Stakeholders. An integration plan has been agreed and all corporate governance matters have been resolved. Commitments have been made between the Boards of Dockwise and Fairstar that will facilitate the involvement of Fairstar senior management in the integration process. Fairstar will convene an EGM to be held on 29 August 2012 to appoint three Dockwise representatives to the Supervisory Board and two Dockwise representatives to the Management Board. The current members of the supervisory board will resign ultimately per the EGM. The current members of the Management Board Mr Adkins, CEO, and Mr Out,COO, will step down from the Management Board today. Both Mr. Adkins and Mr. Out have agreed to remain available until the end of 2012 to provide support and assistance for the integration. Messrs Robert Jan van Acker and Mr Erwin Hoogeveen will be appointed to the Management Board of Fairstar, with full authority, as of today. Their appointment will be formalized at the EGM.

After the Exit period, Dockwise and Fairstar will take the required steps to delist Fairstar from the Oslo Stock Exchange and Dockwise will initiate Dutch statutory buy-out proceedings to acquire the remaining Fairstar shares and obtain full control.

Dockwise's Chief Executive Officer, André Goedée, said: "Dockwise is a proud provider of the most innovative solutions for extraordinary scale transportation and installation projects for the oil and gas upstream and downstream industries. Joining forces with Fairstar brings Dockwise an accelerated market position in valuable Logistics Management Services, a complementary set of assets and a group of highly skilled employees. The integrated combination will enable Dockwise a more enhanced basis from which its strategic goals can be achieved. Our market place is competitive, with rapidly evolving customer demand. The combination allows us to advance our leading position and to provide our customers with timely, innovative and professional solutions."

Fairstar's Chief Executive Officer, Mr Philip Adkins, said: " I would like to thank all of our Stakeholders for the support and trust they have invested in Fairstar during the time it is been my privilege to serve them as a member of the Fairstar Team. Our Team has built a valuable business in a remarkably short period of time. We have established a reputation with our clients for exceptional customer service. We have demonstrated on countless occasions that our Team was steadfast in the face of challenges that could have easily overwhelmed us. Our Team, including our Supervisory Board, has been resolute in our commitment to all Stakeholders. We have reached an agreement with Dockwise that we believe fulfils our commitments. I am proud of our Team and what they represent. I wish Mr. Goedee every success and encourage him to inspire my colleagues to achieve even higher standards of excellence in the years ahead."

Dockwise and Fairstar have both withdrawn all pending legal actions taken towards each other in the last week. They have reached an Agreement that is full and final. It is no longer a matter for the Courts. Dockwise will publish its Q2 results on 14(th) August 2012 and will update the market at that point on the integration of the Fairstar business. The results will include Fairstar results as of 9 May 2012, the date Dockwise gained control of Fairstar.

About Dockwise Ltd./Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of approximately 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 Genoa, Italy. The Dockwise Shipping network is supported by a global network of agents.

To support all of its services to customers, the group has engineering centers in Houston, Breda, Rotterdam and Shanghai, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 23 (of which 2 under construction) purpose built, semi-submersible vessels.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK-OS and on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares of Dockwise subsidiary Fairstar Heavy Transport N.V. are listed on the Oslo Stock Exchange under ticker FAIR-OS

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#1626830]

Contact Information

  • For further information please contact:

    Dockwise:
    Fons van Lith
    Email: Email Contact
    Tel: +31 (0)6 51 314 952
    +31 (0)76 5484116

    Fairstar:
    Ingmar den Blanken
    Email: Email Contact
    Tel: +31 (0)10 403 5333