SOURCE: Dockwise Ltd

December 16, 2008 04:11 ET

Dockwise subsidiary takes delivery of mv TRIUMPH

BREDA, NORWAY--(Marketwire - December 16, 2008) -

Hamilton Bermuda, 16 December 2008. Following the delivery of mv "TREASURE" in June 2008, the fifth vessel out of a series of six, mv "TRIUMPH", now joins the fleet of Dockwise Transport, a wholly owned subsidiary of Dockwise Ltd. As was the case with the earlier four, this vessel is in accordance with the delivery schedule.

The remaining converted tanker TRUSTEE will be delivered at the end of this month. With the addition of six vessels to the fleet, Dockwise is able to optimize strategic deployment of the 22-vessel fleet to best serve the various markets.

After successfully completing the submerging test and sea trials, mv "TRIUMPH" has been delivered to the owners on 16 December 2008. The heavy transport vessel is designed to transport complex, high-value cargo like jack-up drilling units and has a carrying capacity in excess of 35,000 tons. Triumph will load its first cargo in Singapore. This vessel was converted at the COSCO shipyard at Guangzhou, China. During the conversion, the entire midship section has been replaced and machinery and equipment were fully revised and renewed.

The conversion of TRIUMPH forms part of Dockwise's USD 220 million Capital expenditure program for 2008. This program can be completed from operating cashflows. Remaining payments relating to the conversion of TRIUMPH are approximately USD 23 million. From 2009 Capital expenditure will return to maintenance levels of some USD 50 million per annum.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels.

For further information, please contact:

Fons van Lith
Tel : +14415991818 / +31 651 314 952

About Dockwise Ltd.

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.

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