Dockwise Ltd. subsidiary Dockwise Shipping has secured eight new near-term contracts for the transportation of jackups and port and marine infrastructure.
Dockwise Ltd. subsidiary Dockwise Shipping has secured eight new near-term contracts for the transportation of jackups and port and marine infrastructure. The company has also obtained a long-term contract for transportation and installation at the Bongkot project in the Gulf of Thailand.
Together, the contracts are worth around US$62.5 million.
Dockwise Shipping will transport three jackups to the Persian Gulf and Mexico, a GSP sheerleg crane to Turkey, three cargoes with dredging equipment to the USA and Algeria, and a liftboat to Trinidad. The contracts were either completed in the second quarter or will be carried out in third quarter of 2009 and second quarter of 2010. Total revenues for these contracts are around US$35 million, of which US$ 11.5 million will be reported in the backlog end of the second quarter.
Dockwise has been contracted by Hyundai Heavy Industries to transport and install the topsides of the southern production platform, by floatover, for the PTTEP Bongkot 4A central facilities in 2010. The total contract value is over US$ 27.5 million. Based on the earlier signed letter of award, this project had already been included in the backlog at the end of the first quarter.
Dockwise Chief Executive Andre Goedee said, "As we move into the second half of the year, we continue to see sustained rig mobility, and a steady flow of commercial opportunities across all market segments. Protracted negotiations and delays are a feature of the current environment, but the scale of our fleet allows us to cope with the increased pressures on planning and utilization and Dockwise continues to provide its clients with maximum flexibility. For the current year, we will rely on our core heavy marine transport activities. It is encouraging to see, however, that longer term contracts are also making meaningful additions to our backlog, and this reinforces the strategic choices we have made in developing the business in recent years."
Goedee added that the company is now in pursuit of a number of tenders for large projects.