SOURCE: Dockwise Ltd.

June 25, 2009 02:01 ET

Dockwise to Reduce Outstanding Debt By $58 Million During Q2 2009

HAMILTON, BERMUDA--(Marketwire - June 25, 2009) - Dockwise today announced that it expects to reduce its debt by a total of $58 million to just below $ 963 million by the end of Q2 2009. The reduction will be driven by:

-   release of the remaining $40.6 million held in the Mighty Servant
    3 escrow account
-   successful buy back of $ 8.5 million of debt
-   $4 million in proceeds from the sale of Dock Express 12
-   scheduled mandatory repayments of $5 million

Following its 18-month refurbishment, mv "MIGHTY SERVANT 3" will shortly rejoin the fleet of Dockwise Transport B.V., a wholly owned subsidiary of Dockwise Ltd. MIGHTY SERVANT 3 will bring Dockwise's total fleet to 20 semi submersible vessels. Delivery of the vessel triggers the release of the remaining $ 40.6 million currently held in escrow to cover the costs of reinstatement and vendor compensation.

Settlement of the previously announced debt buy back is scheduled for 30 June 2009. As a result, the group's debt will reduce by some $8.5 million.

Dockwise agreed the sales of Dock Express 10 and 12 in 2008 as part of its strategy to optimize fleet composition. The group received payment of $4 million in Q2 2009 after the delivery of Dock Express 12 to its new owner. Dock Express 10 was delivered in 2008 and payment received accordingly.

In addition, approximately $5 million of the group's free cash flow has been applied over the quarter for mandatory lender repayments.

André Goedée, Chief Executive, Dockwise Ltd, said:

"The return of close to $ 60 million to our lenders is a significant step towards Dockwise's aim of securing the gearing targets we have set for year end 2009. Reduction of our debt position is a key priority and I am confident that this step, combined with the continued free cash flow generation, will enable us to achieve the Board's target of reducing the net debt to less than three times EBITDA.

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, Brazil, 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. For more information:

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