Dockwise Bags 8 Contracts to Transport Rigs, Marine Infrastructure

Dockwise Shipping has secured eight new near-term contract wins for the transportation of jackup drilling rigs and port & marine infrastructure. Dockwise further confirms a long-term contract for transport and installation on the Bonkot project in Thailand.

Dockwise Shipping is to transport 3 jackup drilling rigs to the Persian Gulf and Mexico, a sheerleg GSP to Turkey, 3 cargoes with dredging equipment to the USA and Algeria, and a liftboat to Trinidad. The contracts were completed in Q2 or will be carried out in Q3 2009 and Q2 2010. Total revenues for the contracts are approximately US $35 million, of which US $11.5 million will be reported in the backlog end of Q2.

With regard to the long-term, Dockwise has been contracted by Hyundai Heavy Industries to transport and install the topsides of the southern production platform, by floatover, for the PTTEP Bonkot 4A central facilities in 2010. The total contract value is in excess of US $27.5 million.

Based on the earlier signed Letter of Award, this project had already been included in the backlog at end Q1.

Andre Goedee, Chief Executive, Dockwise Ltd., said, "As we move into the second half of the year, we continue to see sustained rig mobility, and a steady flow of commercial opportunities across all market segments, Protracted negotiations and delays are a feature of the current environment, but the scale of our fleet allows us to cope with the increased pressures on planning and utilization and Dockwise continues to provide its clients with maximum flexibility. For the current year, we will rely on our core heavy marine transport activities. It is encouraging to see, however, that longer term contracts are also making meaningful additions to our backlog, and this reinforces the strategic choices we have made in developing the business in recent years. We are now in pursuit of a growing number of tenders for large projects, and this will help deliver increasing visibility to our future revenues and earnings."