Rights issue will pave way for Dockwise to build new heavy lifterVessel & ROV News // September 21, 2010
Dockwise Ltd says it is conducting a feasibility study for a new 'Type 0' semi-submersible heavy lift vessel to meet the expected increase in demand for transportation of extremely large and heavy production platforms.
In order to finance such a vessel, the company intends, subject to a final investment decision (FID) to be taken by the board of directors of the company and approval of shareholders, to raise approximately US$100 million through a fully committed rights issue.
Dockwise said the new vessel will increase the capacity and further strengthen the top end market position of the company. The FID is subject to commercial, technical, procurement and debt financing feasibility, including tank tests, available yard capacity, timely delivery and approval by authorities of the novel design.
Satisfaction of these conditions is expected before conducting the Rights Issue, which is expected to be finalized before the end of 2010.
"The increasing demand for means of transportation for extremely large and heavy production platforms has prompted Dockwise to investigate the options of building a new semi-submersible vessel, larger than its Blue Marlin (73,000 tonnes)," said the company in a statement.
"With this new vessel, which would be of a unique design concept, Dockwise is anticipating the production and subsequent transportation of new oil and gas production equipment that is planned to come to the market from the year 2012 and beyond."
"One of the projects currently in backlog would qualify for transportation on the envisaged vessel if it were available before 2013. Furthermore, clients have indicated that there is a desire for pre-fabrication of even larger integrated production platforms and spar buoys, the design and construction of which is currently limited by the available means of transportation."
Dockwise said it is also targeting the purpose-built FPSO market with the new vessel.