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Dockwise secures significant new contracts

December 31 - In a year end update, Dockwise has announced that since the contract awards statement issued on November 19, a further 11 near-term contract wins have been secured by its subsidiary, Dockwise Shipping, for the transportation of rigs, barges

In addition, Dockwise has announced the signing of two Letters of Intent (LOI) for transportation projects utilising its vessel, Blue Marlin in 2011 and 2013.

Dockwise, together with industry partners, has received contract awards to transport various drilling rigs to Brazil, the Gulf of Mexico and Singapore, dredging equipment to Spain and various barges to Rotterdam, Malaysia and Venezuela, respectively. The bulk of the contract work is for completion within Q4 2009, with the remainder to be performed in Q1 2010. Total contract revenues are expected to be approximately USD31 million.

With the award and execution of these contracts, Dockwise says that it will finish Q4 2009 in line with market expectations, delivering EBITDA for the full year 2009 of some USD222 million (excluding one off effects of the refinancing, Amsterdam listing and M&A activities in Q4). CAPEX for the full year 2009, at approximately USD30 million, will be slightly lower than earlier indicated.

The two LOIs, with a combined value of at least USD35 million, were signed in support of projects of one of the oil majors in the 2011 - 2013 timeframe. One of the LOI's contains an immediately payable non- refundable reservation fee.

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