Dockwise Inks LOI to Deliver 2 Topsides to Shtockmann

Dockwise Ltd. announced that, through one of its subsidiaries, it has signed a letter of intent with Vyborg Shipyard for the transportation and installation of two topside structures at Shtockmann gas field. The topside structures are part of the contract that Vyborg Shipyard signed with Gazflot (the operating company for Gazprom) for the construction of two semi-submersible production platforms that were designed to operate in arctic conditions. Only as soon as Vyborg Shipyard and Dockwise have signed the contract the project will be added to the order book.

The first topside structure is scheduled to be loaded at the end of April 2010 for installation between July and August 2010; the second at the end of October 2010 for installation somewhere around February 2011. The structures will be transported from Geoje Island Korea to the mating location in the Barents Sea. The final mating locations are expected to be in the Murmansk area. The weight of each topside is estimated to be around 22,000 tons.

"The strategy of Dockwise aims presence in more phases of the oil- and gas upstream production cycle," said André Goedée, CEO of Dockwise. "This letter of intent can be considered a new milestone in this endeavour but also in the desire of Dockwise to build lasting relationships with important Russian clients. Eventually this could require a more permanent presence of Dockwise in the area."