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Dockwise selects Hyundai

February 7 - Dockwise has appointed Hyundai Heavy Industries (HHI) of Korea as yard to build its new ship to service the emerging market for ultra-large transports - see previous news items posted here on November 8 and 23.

HHI is scheduled to deliver the ship during the last quarter of 2012, following sea trials, when it is intended to undertake its initial commercial voyage.

Dockwise has given the new ship a "Type 0" (T-0) classification to reflect its exceptional size. Hitherto, the largest Dockwise was 'Type 1' with cargo capabilities between 41,000 and 73,000 tonnes .

With an overall deck size of 275 x 70 m, and a revolutionary bowless design, the new vessel will have a carrying capacity of more than 110,000 tonnes.

The specification of the T-0 is subject to further detailed design engineering, as Dockwise consults with clients and HHI offshore division engaged in fabricating the next generation of modular units. HHI's 
flexibility in new build design, together with its track record of on-schedule delivery and budget discipline, were key deciding factors in the award of the contract. The total cost of the vessel including all project 
and design costs, is expected to be approximately USD240 million, with instalments of approximately 45 percent in 2011 and 55 percent in 2012. The investment is fully financed by the successful rights issue and revolver debt facility Dockwise completed end 2010.

André Goedée, chief executive, Dockwise, claimed: "We have been particularly encouraged by clients' reactions since we announced this investment decision. It is our expectation, based on latest discussions with clients, that we will surpass our initial revenue assumptions for the first year of operations. Clients have grasped the game changing potential of the vessel and have made a valuable contribution to our thinking around the detailed design.

C.J. Kang, executive vice president and COO of Hyundai Heavy Industries, said: "As an EPIC contractor for offshore projects, we agree strongly with Dockwise that there is a rapidly emerging need for a vessel of this capacity, given the scale growth of offshore projects. The benefits for our ultimate clients of dry transport of integrated structures and of large FPSOs are clearly apparent to yards and offshore services firms focused on the future evolution of our markets."

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