SOURCE: Dockwise Ltd.

December 30, 2008 10:19 ET

Dockwise subsidiary takes delivery of mv TRUSTEE

HAMILTON, BERMUDA--(Marketwire - December 30, 2008) - Following the delivery of mv "TRIUMPH" earlier this month, the final vessel out of a series of six, mv "TRUSTEE" joins the fleet of Dockwise Transport, a wholly owned subsidiary of Dockwise Ltd. As was the case with the earlier five, this vessel was also delivered in accordance with the delivery schedule.

After successfully completing the submerging test and sea trials, mv " TRUSTEE" has been delivered to the owners on 30 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. The Trustee will load its first cargo in China after the vessel has been prepared. This vessel was converted at the COSCO shipyard at Zhoushan, China. During the conversion, the entire midship section has been replaced and machinery and equipment were fully revised and renewed.

The conversion of TRUSTEE forms part of Dockwise's USD 220 million Capex program for 2008. This program can be completed from operating cash flows. Remaining payments due, relating to the conversion of TRUSTEE and TRIUMPH will be settled in January 2009. Capex expenditure as of 2009 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
Fons.van.Lith@dockwise.com

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. For more information: www.dockwise.com


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