Dockwise plans giant heavy lift vessel"

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September 20, 2010

Dockwise planning giant heavy lift ship

Breda, Netherlands, headquartered heavy lift shipping specialist Dockwise Ltd. is conducting a feasibility study for a new "Type 0" semi-submersible vessel.

The increasing demand for means of transportation for extremely large and heavy production platforms has prompted Dockwise Ltd. to investigate the options of building a new semi-submersible vessel, larger than its Blue Marlin (73,000 tonnes).

With this new vessel, which would be of a unique design concept, Dockwise is anticipating the production and subsequent transportation of new oil and gas production equipment that is planned to come to the market from the year 2012 and beyond.

Dockwise says that clients have indicated that there is a desire for pre-fabrication of even larger integrated production platforms and spar buoys, the design and construction of which is currently limited by the available means of transportation.

Dockwise is also targeting the purpose built FPSO market with the new vessel.

Dockwise would fund construction of the vessel through a $100 million rights issue and said today that its three largest shareholders -- HAL Investment B.V., Sankaty Advisors LLC and Project Holland Deelnemingen B.V. -- have pledged their support for the issue and will vote in favor of it at a special shareholders' meeting this year. They have also pledged to subscribe to the rights that are not exercised by other shareholders.

The decision on whether to go ahead with the rights issue is subject to a final investment decision by the Dockwise board, that will be made taking into account commercial, technical, procurement and debt financing feasibility, including tank tests, available shipyard capacity, timely delivery and approval by authorities of the novel design.


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