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Dockwise sells Explorer

April 15 - Dockwise Ltd says its sale of Explorer to an undisclosed buyer will optimise the composition of the company's fleet. The undisclosed buyer had earlier bought Dockwise's MV Enterprise.

Explorer (pictured below) will be delivered to the buyer at the end of July 2011 following its assignment to the Mediterranean.

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 to Dockwise Ltd's result. Other type IV vessels including Enterprise,Dock Express 10 and 12 were sold by Dockwise in 2010 and 2009 for the same reason.

Furthermore with Explorer having completed almost 30 years of service, maintenance to meet Dockwise's offshore equipment standards would require disproportionate investment in Life Time Extension. The sale of the vessel is in line with plans previously outlined to enhance the focus of the organisation on value adding projects requiring the differentiated service potential of type I, II and III vessels. Like Enterprise, Explorer will be transformed into a floating power plant.

Dockwise says that its Q1 2011 results, to be announced on 13 May 2011, will include a (non-cash) loss of USD 4.2 million in order to set back the carrying amount of Explorer as at 31 March 2011. Upon completion of the transaction in Q3 2011, the sales price of USD 2.6 million will be used for repayment of debt.

André Goedée, CEO of Dockwise Ltd, said: "With the sale of Explorer, Dockwise no longer operates type IV vessels. The focus areas of work for Dockwise require types 0, I, II and III vessels which create the highest value for our customers and shareholders. This divestment further optimises the composition of the Dockwise fleet and increases focus on the premium end of the business, where we are best positioned."

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