Dockwise secures USD 62.5 million in near- and long-term contract awards

Dockwise Ltd. announced 8 new near-term  contract wins awarded to its subsidiary, Dockwise Shipping, for the transportation of jack up drilling rigs and port & marine  infrastructure. Dockwise Ltd further confirms a long-term contract  for transport and installation on the Bonkot project in Thailand.

Dockwise Shipping is to transport 3 jack up 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 USD 35 million, of which USD 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 USD 27.5 million. Based on the earlier signed Letter of Award, this
project had already been included in the backlog at end Q1.
André Goedée, 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."
 

Source: Transportweekly