SOURCE: Dockwise Ltd

May 14, 2008 09:48 ET

New contracts for Dockwise

BREDA, THE NETHERLANDS--(Marketwire - May 14, 2008) - Dockwise Ltd. announces that three new contracts have been awarded to their subsidiaries Dockwise Shipping and ODL for the transportation of a semi submersible drilling rig, for the transportation of the hull of a production platform and for a FEED study of a jacket design respectively.

Dockwise Shipping will transport the Noble Jim Day, a large sixth (6th) generation semi submersible drilling rig in 2009. The rig is currently under construction in Singapore. With the number of these large new design semi submersibles under construction still increasing, the contract for the Noble Jim Day is seen as an important development. Dockwise will also transport the hull for ATP Oil & Gas Corporation's Cheviot project currently being constructed in China. This project is scheduled for late 2010, early 2011. ODL (Ocean Dynamics Limited) has been awarded a contract by EDG for a FEED study and detailed design of the South. Nemba platform. The contract execution will start immediately.

All contracts contribute to the Dockwise strategic objective to materially expand activities in both rig transport (core business) and transport & installation of offshore production facilities. The total value of the contracts is close to USD 36 million.

Our financial guidance for 2008 is that adjusted EBITDA will increase by at least 60% relative to 2007. Reporting on Q1 results is scheduled for 20 May 2008 before trading.

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 further information: www.dockwise.com


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