Dockwise Lands 9 Rig, Equipment Transportation Contracts

Dockwise Ltd. announces nine near and midterm contracts awarded to its subsidiary, Dockwise Shipping, for the transportation of jack-up and semi submersible drilling rigs, dredging equipment and various other cargoes. Total revenues for the contracts are approx US $45 million.

On behalf of Noble Drilling, Dockwise Shipping is to transport the drilling rig Noble Roy Butler to its new assignment in the Gulf of Mexico. Following the recent announcement that Dockwise had been contracted to transport the Noble Carl Norberg to the same location, both jackup rigs will travel in a single journey aboard the same vessel, thus optimizing mobilization time and cost. On behalf of various other clients, Dockwise Shipping will transport three jackup drilling rigs to Malaysia, China, and Dubai. Turning to more varied cargo, Dockwise Shipping has been contracted to transport a dredging cargo to Saudi Arabia, the KS Titan 2 liftboat to Rotterdam as well as a workover jackup to Gabon. All projects are for execution in the final quarter of 2008. In 2009, Dockwise Shipping will transport the semisubmersible West Setia for Seadrill from its present in-yard location in Singapore to West Africa.

In 2010, the newbuild semisubmersible production platform Delba III will be transported to Brasil.

"This is encouraging news," Dockwise's CEO Andre Goedee said. "The spot market for drilling rig transportation continues to be in good health, and our income to be supplemented by revenue streams from other cargoes. Realizing the strongest quarter ever would be a fantastic stepping stone into 2009. In addition, we are now only a few months from commencing a major programme to utilise our strong free cashflow to pay down debt."

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