Final Heavy Transport Vessel Joins Dockwise's Fleet

Following the delivery of mv "TRIUMPH" earlier this month, the final vessel out of a series of six, mv "TRUSTEE" joins the fleet of Dockwise Transport, a wholly owned subsidiary of Dockwise Ltd. As was the case with the earlier five, this vessel was also delivered in accordance with the delivery schedule.

After successfully completing the submerging test and sea trials, mv " TRUSTEE" has been delivered to the owners on December 30, 2008. The heavy transport vessel is designed to transport complex, high-value cargo like jack-up drilling units and has a carrying capacity in excess of 35,000 tons. The Trustee will load its first cargo in China after the vessel has been prepared. This vessel was converted at the COSCO shipyard at Zhoushan, China. During the conversion, the entire midship section has been replaced and machinery and equipment were fully revised and renewed.

The conversion of TRUSTEE forms part of Dockwise's US $220 million Capex program for 2008. This program can be completed from operating cash flows. Remaining payments due, relating to the conversion of TRUSTEE and TRIUMPH will be settled in January 2009. Capex expenditure as of 2009 will return to maintenance levels of some US $50 million per annum.

To ensure the most effective way of operating the vessel, Dockwise has appointed Anglo-Eastern Ship Management to provide technical and crew management. As such, the new vessels will operate under the same management systems as the existing Dockwise vessels.