Dockwise to sell DYT and focus on offshore oil and gas marketCompany News // November 7, 2011
Heavy lift specialist Dockwise Ltd has announced that it has signed a letter of intent to sell its wholly-owned subsidiary, Dockwise Yacht Transport (DYT) to Coby Enterprises Corp, supported by private equity and with participation of the existing management of DYT.
Closing of the transaction is conditional upon market customary conditions. The proceeds of this cash deal will be disclosed upon completion of the transaction which is expected to take place during the next quarter.
Following the disposal of DYT, Dockwise will be focused solely on its core heavy marine transport, transport and installation and logistical management activities.
Andre Goedee, Chief Executive, Dockwise Ltd, said: "DYT played a significant role in the origins of Dockwise, being the product of the merger between Dock Express and Wijsmuller, but with the evolution of our business it is no longer a strategic asset.
"Dockwise is now focused on the oil and gas industry as a dedicated provider of transportation and installation services.
"Today's announcement will allow management within the business to focus exclusively on this task and to reallocate capital to supporting the development of our world-leading business."