Dockwise Lands Contragt for Gorgon Project
Dockwise Ltd. announced 11 awards totaling USD 42 million, all for execution in 2Q and 3Q 2011. The USD 42 million comprises contracts for transportation of dredging equipment to Spain and Uruguay, a Power Barge and jackup barges to the Dominican Republic and Egypt, jackup rigs to Gabon, Mexico and Trinidad, a semi-submersible to Vietnam and three contracts pertaining to the transportation of multiple barges and tugs to Brazil and Colombia.
Moreover, it can now be confirmed that one of the intended awards - briefly referred to in our 1Q 2011 release and at that time included in the backlog additions on an anonymous basis - has been converted into a firm contract for the Gorgon project. Dockwise was awarded a contract on the Chevron-operated Gorgon Project on Barrow Island, off the coast of Western Australia. The contract will start in early 2012 and encompasses the transport of onshore LNG modules. Dockwise's Mighty Servant III has been assigned to the Gorgon Project.
The value of the contract is approximately USD 26.7 million.
André Goedée, Chief Executive Officer of Dockwise, commented, "Operating activity remained subdued in the second quarter of 2011, reflecting industry-wide conditions. However, compared to the first quarter, Dockwise noted a further upturn in inquiries and bookings for spot market projects be it still on low cycle pricing levels. We continue to be actively engaged in tendering for longer term projects. In that respect the Gorgon award is considered another important ingredient in improving our long-term backlog."
The Gorgon Project is operated by an Australian subsidiary of Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47 percent), ExxonMobil (25 percent) and Shell (25 percent), Osaka Gas (1.25 percent), Tokyo Gas (one percent) and Chubu Electric Power (0.417 percent). Dockwise will publish 2Q and interim 2011 results on August 19, 2011.
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