Dockwise Reels in Seven Contract Wins

Dockwise announced seven near-term contract wins for the transportation of four jack-up rigs, jack-up construction vessels, supply boats and a floating crane barge, to be transported to Rio de Janeiro, Brazil; Egypt; Sharjah, UAE; Singapore; Rotterdam, The Netherlands; Chabahar, Iran; and Trinidad, respectively.

Dockwise will execute the bulk of this newly contracted work during the second quarter of 2010. In addition, the Group has secured a variation order, under the Vyborg contract, generating additional sailing days during the first half. Total revenues for the various commitments are expected to reach approximately US $40 million.

André Goedée, Chief Executive, Dockwise said, "A stable oil price environment and stronger macroeconomic outlook has coincided with increased tender activity amongst drilling rig contractors, creating opportunities for Dockwise. While the return of tender activity is encouraging, we have yet to see whether this constitutes the beginning of a sustained recovery."

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