Dockwise Scores 3 Transportation Contracts
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 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 US $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.
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