SOURCE: Dockwise Ltd

June 08, 2009 02:00 ET

Dockwise to commence debt buyback programme

HAMILTON, BERMUDA--(Marketwire - June 8, 2009) -


Dockwise Ltd announces its intention to utilize up to USD 50 million to buy back a portion of its syndicated debt in a reverse Dutch auction to be conducted by the Royal Bank of Scotland.

Dockwise is inviting holders of the $ 816.5 million floating rate first lien debt to submit offers to sell all or part of their debt at a discount, for cash, to Dockwise.

The invitation will be open until 14.00 CET on 15 June 2009, unless extended or terminated and is expected to settle on 29 June 2009. Full terms and conditions of the invitation, including certain jurisdictional restrictions, will be provided to the lenders.

For further information please contact:

Fons van Lith
Tel : +1441 599 1818 or +31 6 51 314 952
fons.van.lith@dockwise.com

About Dockwise Ltd / 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, Brazil, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina and Italy.

To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shenzhen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 20 purpose build semi-submersible vessels.

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

For further information: www.dockwise.com

This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.



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