Dockwise books contracts worth $56 million

OCTOBER 16, 2012 — Heavy lift specialist Dockwise Ltd. today announces that it has been awarded 10 new contracts and contract extensions with a total value of $56 million.

The bulk of the contracts were awarded shortly after the close of the third quarter of 2012 and are for execution in the fourth quarter of 2012 and first quarter of 2013. The assignments include an extension on an existing contract, the mobilization of six drilling rigs, the transportation of a pipe-lay vessel and transfer station, and the transportation of a hull for a floating production structure.

André Goedée, CEO of Dockwise said: “Utilization is increasing slowly but pricing levels remain competitive. We currently observe a general market tendency of delays in the completions of a number of larger projects, including some on which we are actively engaged. These delays could impact timing of the conversion of backlog into revenues. We remain encouraged in seeing that no longer term oil and gas projects have been withdrawn and tender activity is unabated.”