Dockwise Enters into a MSA with Keppel

Source: www.gulfoilandgas.com 12/21/2011, Location: Europe

Dockwise Ltd. announces twelve new awards totaling USD 55 million, of which six, to the value of more than USD 15 million, are for execution in Q4 2011. The remaining contracts are for execution in 2012 and 2013. Furthermore the company has entered into a Master Service Agreement (MSA) with Keppel of Singapore for transportation of their jack-up and semi-submersible drilling units. The USD 55 million awards comprise contracts for transportation of four jack-up drilling rigs, one semi-submersible drilling rig, assorted dredging equipment, offshore transfer and elevation platforms and tugs & barges. Transportations in 2012 will now also include a SPAR buoy from Finland to the Gulf of Mexico and a LOI for a multi voyage module transportation assignment. The Master Service Agreement (MSA) with Keppel of Singapore is similar to the agreement Dockwise announced with Seadrill in spring 2010 and will standardize conditions and accelerate negotiations on single transportation assignments for drilling rigs.

Andre Goedee, Chief Executive Officer of Dockwise, commented: “Operating activity remained subdued in the fourth quarter of 2011, reflecting the impact of global trade conditions. Despite this challenge, our business in the period has remained cash positive and will satisfy key performance criteria. Headline results for the quarter may be impacted by an impairment reflecting the sale of our yacht transportation business, DYT, closure of which is expected in Q1 2012. DYT will appear in the 2011 full year results statement under assets held for sale.


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