Dockwise wins $84 million Shtokman contract

Dockwise Ltd. announces its subsidiary Dockwise Shipping B.V., has been contracted by Russia's Vyborg Shipyard to transport two topside structures from Korea to the Barents Sea and to install the units on semi-submersible hulls, using the float-over technique.

Dockwise will receive $84 million over the three year contract, with the revenue contributing immediately to fourth quarter 2008 cashflows.

Vyborg Shipyard has been commissioned by Gazflot (the operating arm of Gazprom) to construct two platforms designed for operation in the arctic conditions of the giant new Shtokman field, 600 km offshore Murmansk.

The first topside structure is scheduled to be loaded end April 2010 for installation between July and August 2010; the second at end October 2010 for installation around February 2011. The structures will be transported from Geoje Island, Korea, to the assembly locations in the Murmansk harbour area. Each topside is estimated to weigh around 22,000 tons.