SOURCE: Dockwise Ltd

June 24, 2008 08:27 ET

DOCKWISE signs letter of intent with VYBORG Shipyard for 2 float- overs for Shtockmann Gas Field

HAMILTON, BERMUDA--(Marketwire - June 24, 2008) - Dockwise Ltd. announces that, through one of its subsidiaries, it has signed a letter of intent with Vyborg Shipyard for the transportation and installation of two topside structures. The topside structures are part of the contract that Vyborg Shipyard signed with Gazflot (the operating company for Gazprom) for the construction of two semi-submersible production platforms that were designed to operate in arctic conditions. Only as soon as Vyborg Shipyard and Dockwise have signed the contract the project will be added to the order book.

The first topside structure is scheduled to be loaded at the end of April 2010 for installation between July and August 2010; the second at the end of October 2010 for installation somewhere around February 2011. The structures will be transported from Geoje Island Korea to the mating location in the Barents Sea. The final mating locations are expected to be in the Murmansk area. The weight of each topside is estimated to be around 22,000 tons.

André Goedée, CEO of Dockwise Ltd., comments: "The strategy of Dockwise aims presence in more phases of the oil- and gas upstream production cycle. This letter of intent can be considered a new milestone in this endeavour but also in the desire of Dockwise to build lasting relationships with important Russian clients. Eventually this could require a more permanent presence of Dockwise in the area".

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, Australia 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 18 are operational and 4 will become operational during 2008.

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

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