The Netherlands: Dockwise Sells mv Enterprise to Optimize Fleet

Dockwise Ltd. announces the sale of type IV vessel MV Enterprise to optimize the composition of the company’s fleet with an increasing focus on premium cargoes. MV Enterprise has been sold to an undisclosed buyer and will be delivered to the buyer end of July 2010.

The divestment of this type IV vessel followed from a cost-revenue analysis of the vessels’ operation in market segments with a relatively low contribution. For that same reason type IV vessels Dock Express 10 and 12 were sold by Dockwise in 2009. Furthermore with MV Enterprise having completed almost 30 years of service, maintenance to meet Dockwise’s offshore equipment standards would require additional investment in Life Time Extension. The sale of the vessel is in line with plans previously outlined to enhance the focus of the organization on premium projects requiring the differentiated service potential of type I, II and III vessels. MV Enterprise will upon delivery to the buyer be transformed into a floating power plant.

The Q2 2010 figures, to be announced on 12 August 2010, will include a (non-cash) loss of USD 6 million in order to set back the carrying amount of the MV Enterprise as at 30 June 2010. Dockwise will receive USD 2 million from buyer which will be used for repayment on debt.

André Goedée, Chief Executive Officer, Dockwise Ltd, said: “Dockwise intends to maintain market leadership in the heavy marine transport business and to expand value-added transport services, including engineering, installation and project management. These areas of work require types I, II and III vessels which create the highest value. This divestment optimizes the composition of the Dockwise fleet and increases focus on the premium end of the business.”

About Dockwise Ltd / The Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200 people, both offshore and onshore. The company is the leading marine contractor, providing total transport services to the offshore, onshore, and yachting industries, as well as installation services for extremely heavy offshore platforms. The Group is headquartered in Breda, The Netherlands. The Group’s main commercial offices are located in The Netherlands, the United States, and China, with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico, and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Japan, Norway, Argentina, and Italy.

To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda, and Shenzhen, which manufactures specific motion-reduction equipment, such as LMU (Leg Mating Units) and DMU (Deck Mating Units).

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Source: Dockwise,July 23, 2010