Dockwise reduces debt by US$58 million

Hamilton, Bermuda: Dockwise expects to reduce its debt by a total of US$58 million to just below US$963 million by the end of the second quarter of 2009.

Following its 18-month refurbishment, ‘Mighty Servant 3’ will shortly rejoin the fleet of Dockwise Transport. ‘Mighty Servant 3’ will bring Dockwise’s total fleet to 20 semi submersible vessels. Delivery of the vessel triggers the release of the remaining US$40.6 million currently held in escrow to cover the costs of reinstatement and vendor compensation, Dockwise said. Also, settlement of the previously announced debt buy back is scheduled for June 30, 2009. This will reduce the group’s debt by some US$8.5 million.

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