Dockwise to Sell DYT
(Thomson Reuters ONE) -
Breda, The Netherlands, November 7(th), 2011: Dockwise Ltd has today announced
it has signed a letter of intent to sell its wholly-owned subsidiary, Dockwise
Yacht Transport (DYT) to Coby Enterprises Corp ("the buyers"), 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 (HMT),
Transport and Installation (T&I) and Logistical Management activities.
DYT is the world leader in the transport of yachts and leisure craft between
premier sailing regions around the globe. Its main market among others is the
annual transatlantic migration, in the second and fourth quarters of the year,
of luxury yachts from Florida and the Caribbean to the Mediterranean and back.
The company owns three dedicated vessels; Super Servant 3, Super Servant 4 and
Yacht Express and offers both premium float-on / float-off and lift-on / lift-
off yacht transportation services.
DYT has long been operated independently from Dockwise and there was no
significant overlap in customers or synergy with the remaining Dockwise fleet.
DYT revenue and EBITDA further amounted to a small fraction of the overall
Dockwise. It is the intention of the buyers to maintain an independent company
with a single focus on the business of transporting leisure craft around the
world.
Given the three-vessel structure of DYT, and plans both for the deployment and
maintenance of the ships in the immediate future, a phased closure process is
planned for the first quarter of 2012.
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
& 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."
COBY Enterprises Inc. is a marine solutions, transportation and logistics
company providing services in domestic and international markets. The company is
headquartered in New York. The Company intends to provide maritime services to
the highly evolved and modernized yacht transport business. Steven Byle CEO of
COBY stated, "We are excited to get involved in this dynamic and interesting
niche in marine transportation. DYT clients can look forward to uninterrupted
service in the short term, and improved and expanded services as we go forward.
The DYT team and vessels crews will stay in place, and there will be no change
in routes or schedules. Moving toward the future, however, our plans include an
immediate program for renewal and upgrade of the yacht carrier fleet. And we
further intend to add new routes and services for our clients in the years to
come."
Clemens Van der Werf, President, Dockwise Yacht Transport LLC, said:
" With Coby Enterprises we have found a solid partner who shares our long term
vision on the yacht transport industry, and is willing to invest in the growth
of our company in order to keep serving yacht owners with premium transport
options for their travel needs all around the world".
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116
E: fons.van.lith(at)dockwise.com
About Dockwise Ltd/The Dockwise Group
Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than
1,200, both offshore and onshore. The company is the leading marine contractor,
providing total transport services to the offshore, onshore, and yachting
industries, as well as installation services for extremely heavy offshore
platforms. The Group is headquartered in Breda, the Netherlands. The Group's
main commercial offices are located in the Netherlands, the United States, and
China, with sales offices in Korea, Australia, Brazil, Russia, Singapore,
Malaysia, Mexico, and Nigeria. The Dockwise Yacht Transport business unit is
headquartered in Fort Lauderdale and has an office in Italy. The Dockwise
Shipping network is supported by agents in Norway, Argentina, and Italy. To
support all of its services to customers, the group also has three additional
engineering centers in Houston, Breda, and Shanghai, which manufacture specific
motion-reduction equipment, such as LMU (Leg Mating Units) and DMU (Deck Mating
Units).
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on
NYSE Euronext, Amsterdam under ticker DOCKW. For more information, visit our
website at www.dockwise.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE
[HUG#1561249]
Unternehmensinformation / Kurzprofil:
Datum: 07.11.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 84346
Anzahl Zeichen: 6223
contact information:
Town:
Breda
Kategorie:
Business News
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"Dockwise to Sell DYT"
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