SOURCE: Dockwise Ltd

April 25, 2008 10:39 ET

Dockwise's last tanker accepted by Shipyard for conversion into heavy lift vessel

HAMILTON, BERMUDA--(Marketwire - April 25, 2008) - The former Sealift/Frontline Suezmax tanker 'Marble', now owned by a subsidiary of Dockwise Ltd., and renamed "Triumph", has been accepted by Cosco Guangdong Shipyard on April 18, 2008. The conversion into a heavy lift vessel has started immediately by placing the vessel in drydock.

The conversion from a tanker into a heavy lift vessel embodies the complete renewal of the entire midship section after removing the original cargo section.

Construction of the new midship section started October 2007 and is presently reaching the final stage of completion. The new midship section of 130 x 44.5 x 14 mtr., which will replace the old midbody of 174 x 44.5 x 24 mtr., will be joined to the original bow and stern section.

The conversion of the remaining single hull Suezmax tankers to semi- submersible heavy lift vessels is in full progress and the last four (4) vessels will, as earlier indicated, join the fleet during 2008, starting with "Talisman" in May.

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, 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 includes three 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 22 purpose built semi-submersible vessels of which currently 17 are operational and 5 will become operational during 2008. 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.

Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • For further information please contact:

    Headquarter
    Johannes Heemskerk
    Tel:+ 1 441 295 7149

    Analysts
    Fons van Lith
    Tel : +31 (0)6 51 31 49 52

    Press
    Jacqueline van den Bergen
    Tel: +31(0)6 22 44 84 35