The Netherlands: Dockwise has announced that it has approved the commissioning of a newbuild vessel to serve the emerging demand for ocean transports of up to and above 100,000 metric tonnes.
The decision is subject to approval by a Special General Meeting of shareholders to authorize the proposed US$100 million rights issue to part-finance the investment. Dockwise has been studying the feasibility of investing in a new semi-submersible monohull vessel, bigger than its current largest vessel, the 'Blue Marlin'.
This so-called "Type 0" vessel, with capacity of more than 100,000 metric tonnes, and decksize of 275 metres by 70 metres will be a first for the maritime transport industry and is expected to require a total investment of approximately US$200 million. Dockwise has applied for a patent on the design of the vessel.
The majority of Dockwise's revenues originate from the oil and gas industry.
Dockwise's close liaison with customers commissioning production platforms, sparbuoys and FPSOs, to be deployed in offshore projects in the coming decade, has given Dockwise a view of the scale and complexity of the transportation demands, it will be required to meet as the industry leader.
The new vessel, which has already passed its tank tests, will exhibit a revolutionary bowless design for key operational advantage.
With Dockwise's existing backlog in combination with projects on the horizon it is expected that the vessel will be occupied when it will come out of the shipyard in the latter part of 2012. Dockwise is currently in the process of negotiating with selected first rate shipyards for construction of the new vessel.
In order to cater for a prudent financing of the vessel, Dockwise intends to raise approximately US$100 million through a fully committed rights issue (the "Rights Issue").
The proceeds of the Rights Issue will be used to pay down or otherwise reduce the senior credit facilities, thereby facilitating the financing of the acquisition of the Type 0 vessel.
Dockwise intends to reduce the total amount outstanding under the senior credit facilities with approximately US$110 million from the net proceeds of the Rights Issue and available cash on the balance sheet.
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