Dockwise approves rights issue to finance proposed acquisition of Fairstar

Company News - May 10, 2012

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Referring to anannouncement by Dockwise Ltd on 22 April 2012, regarding the acquisition of shares in Fairstar Heavy Transport NV, and a notice of 23 April 2012 for the Annual General Meeting of Shareholdersto authorize the proposed rights issue to part-finance the acquisition, Dokwise says that, upon approval of the Rights Issue, the share purchase agreement with Oceanus for 26 per cent of the shares in Fairstar has now become unconditional and ownership by Dockwise in Fairstar has increased to about 54 per cent.

Dockwise said the agreement with Oceanus will be completed in the next few days and that it willprepare an offer document for a (mandatory) public offer for the remaining approximately 46 per cent shares in Fairstar at an offer price of NKr 9.30 per share.

Dockwise expects to make the public offer on or around 15 May 2012.

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