BREDA, NORWAY--(Marketwire - Nov 1, 2012) -

Commissioning of Type 1 MV White Marlin

Christening Ceremony for Type 2 MV Finesse

Dockwise subsidiary Fairstar Heavy TransportN.V. today announces the commissioning of a new Type 1 Vessel to be namedWhiteMarlin and the christening of its most recent new-build vessel, Finesse.

On acquiring Fairstar Heavy Transport N.V. in July 2012, Dockwise tookcharge ofa set of vessel development plans and commitments. The status of theconstruction works on the third new-build vessel, following the Forte andFinesse, provided an opportunity to consider the optimal configuration forthenew combined fleet. Following discussions with the fabrication yard,GuangzhouShipyard International (GSI), the original contract, for a Type 2 vessel tobenamed Fathom, has been renegotiated and a commission placed for a Type 1vesselto be named White Marlin.

White Marlin's specification will give it a capacity and vesselcapabilitiessimilar to Dockwise's existing Blue Marlin. Scheduled delivery will be inQ42014, for a total investment of USD 150 million with instalments andexpensesdue in April 2013 (USD 30 million), December 2013 (USD 30 million) and ondelivery in 2014 (USD 55 million). Of the USD 35 million instalments due in2012 another USD 10 million is yet to be paid.

The decision to build a Type 1 rather than a Type 2 vessel, for a costincreaseof some USD 40 million, removes the requirement Dockwise faced to withdrawitsexisting Type 2, Black Marlin from service in order to convert it to a Type1 tosatisfy growing demand for larger vessels. Such a conversion, at anestimatedcost of USD 60 million would have removed one of Dockwise's mostcommerciallyversatile ships for up to two quarters during a peak period of activity.

Andre Goedee, Chief Executive of Dockwise, said:

"The board of Dockwise is pleased with this outcome. The acquisition ofFairstarhas allowed us to optimise the operational capacity of the top end of ourfleet.In White Marlin, we shall have a brand new Type 1 vessel, constructed by ayardwith whom we have built a strong relationship. We shall also realise aconsiderable saving on our existing upgrade plans and keep at sea anotherimportant vessel during a busy period when our clients have every need of aconsistent service."

Dockwise also announces that the christening ceremony of Finesse wasperformedat LongXue Shipbuilding, LongXue Island, in Nansha District, China, on31October. Finesse is a semi-submersible heavy Type 2 transport vessel, 216mlong by 43 m wide, and capable of transporting cargo up to 50,000 tons.

The event was witnessed by representatives of Dockwise, Fairstar, GSI, CSTC,DNVand clients as well as distinguished guests. Mrs. Marielle van Wiechen -vanDoorne, acting in the maritime tradition as godmother to the vessel,performedthe traditional christening ceremony. Delivery of Finesse is scheduled forendof November 2012.

Andre Goedee, Chief Executive of Dockwise, said:

"We are proud to include Finesse within the Dockwise fleet. It is astate-of-the-art versatile vessel, built for the best standards ofenvironmentalperformance. The Finesse will substantially broaden our LogisticsManagementcapability for clients in the oil and gas industry as well as other marketsegments."

For the full multimedia press release, click here.

This information is subject of the disclosure requirements pursuant tosection5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf ofThomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Dockwise Ltd via Thomson Reuters ONE[HUG#1654276]

For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952
T: +31 (0)76 5484116
E: Email Contact

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