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Strategic progress in Q1 for Dockwise

April 27 - A Chinese-built 50,000 dwt semi-submersible self-propelled Type 2 heavy life vessel, 'Hai Yang Hi You 278', has been contracted to Tianjin, China-based Offshore Oil Engineering Co, Ltd. (COOEC) by ship management company Dockwise for a five-yea

The ship was delivered in Shenzhen, China and has a length of 221.6 m, a width of 42 m, a depth of 13.3 m and a dead weight capacity of 53,500 cu m.

The contract for the deal was signed last year. Hai Yang Shi You 278 entered service immediately upon delivery.

Netherlands-based Dockwise has revealed business results for Q1 2012 that show progress on strategic targets, the extension of a record backlog and that short-term market conditions remain volatile.

For the three month period ended March 31, 2012, the Breda headquartered firm had revenues of USD120 million (Q4 2011: USD88 million); net profit of USD9 million (Q4 2011: adjusted net loss of USD5 million); and 72 percent vessel utilisation (Q4 2011: 55 percent).

Strategic and operational highlights of the quarter included cash flow generated from operating activities of USD35 million (Q4 2011: USD62million), the award of Aasta Hansteen Spar brings Vanguard backlog to nearly USD100 million; the SHWE project, drilling for gas and oil in two different areas off the Burmese Arakan coast, saw the world's second largest barge utilised to launch fifth largest jacket in offshore history; and the modification of MV Transshelffor more versatile options.

André GoedéeDockwise CEO, comments: "Dockwise has had an eventful and successful first quarter. Using the world's second largest launch barge, owned by COOEC to launch the fifth largest jacket in history adds the SHWE project to the proud list of achievements that set Dockwise apart in our industry. In addition, securing the giant Aasta Hansteen spar buoy for transport aboard the Dockwise Vanguard means that Dockwise has now booked nearly USD100 million in revenue for the new vessel prior to launch. This reflects the strength of market demand, identified several years ago, on which the Board based its decision to commission Dockwise Vanguard, for a vessel of this scale.

"We commenced the modification of the MV Transshelf for more versatile use, andtook the decision to convert the Black Marlin to Type 1 status to raise itscarrying capacity from 56,000 to 76,000 tonnes. Each of these moves further strengthens our abilities to handle large and complex projects. We shall continue to optimise our fleet in a controlled and disciplined manner, staying close to our customers to be able to deliver according to demand."

www.cnoocengineering.com

www.dockwise.com

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