Dockwise to Build Type-O Vessel, Gets $100M Backing

Dockwise, a leader in the transport and installation of extremely large and heavy structures, announced Monday that its top three shareholders have agreed to take on the $100 million rights issue to fund the construction of a new vessel.

HAL Investment, Sankaty Advisors and Project Holland Deelnemingen, have agreed to participate in the rights issue and will vote in favor of the issue at an upcoming shareholders meeting.

The decision on construction is still pending while Dockwise examines the feasibility of constructing a type-o, semi-submersible vessel. The vessel will be expected to meet the growing demand for very large and heavy production platforms.

The company says the rights issue will not be conducted until “commercial, technical, procurement and debt financing feasibility, including e.g. tank tests, available yard capacity, timely delivery and approval by authorities of the novel design,” have been satisfied.

This new vessel would be larger than its Blue Marlin, semi-submersible vessel, which weighs 73,000 tons. Dockwise is anticipating the production and subsequent transportation of new oil and gas production equipment that is planned to come to the market in 2012.