Dockwise Ltd : Dockwise Asks Court for Immediate Suspension of

Dockwise Ltd : Dockwise Asks Court for Immediate Suspension of
Fairstar Management 
BREDA, NORWAY -- (Marketwire) -- 07/13/12 --  Dockwise has, through
its wholly-owned subsidiary Dockwise White Marlin B.V., requested the
Enterprise Chamber of the
Amsterdam Appellate Court to schedule a
date to hear a request for the immediate
suspension of the management
of Fairstar Heavy Transport N.V. ("Fairstar"), more
in particular of
the Chairmen of the Supervisory and Executive Boards. Dockwise
will,
in addition, request the immediate appointment of new Supervisory and
Executive Board members. The Enterprise Chamber court hearing is now
set at 26
July 2012. The Enterprise Chamber procedure is in addition
to Dockwise's earlier
request to the Rotterdam court for
authorization to convene an Extraordinary
Meeting of Shareholders
("EGM") proposing the appointment of three supervisory
board members
at Fairstar in addition to the two current members. The
Rotterdam
court hearing is set at 20 July 2012. 
In the current circumstances Dockwise has to initiate legal
proceedings to protect the interests of the Fairstar - Dockwise
combination and involved stakeholders. 
Dockwise has, on various occasions, proposed to Fairstar to agree on
finalization of the acquisition of Fairstar by Dockwise, more in
particular on: 
* the  recommendation by Fairstar management for an offer on the
remaining 
almost 5% of Fairstar shares not yet owned by
Dockwise; 
* information sharing on contracts, fleet completion and
financing     arrangements and other relevant matters; 
*
confirmation of Dockwise commitments to Fairstar stakeholders
including job 
security for Fairstar employees and contract
security for Fairstarclients; 
* an exit arrangement for Fairstar management. 
While Fairstar had, at some point in time, indicated it was willing
to consider
a recommendation, they were not willing to adequate
provide information, dialogue was frustrated by Fairstar management
and, proven by yesterday's press
release from Fairstar announcing the
intention of the management of Fairstar to pursue a bond issue, the
Supervisory Board appears to have lost control of Fairstar
management. Fairstar management seems to continue to act contrary
to
the interest of Fairstar, the Fairstar - Dockwise combination and
its shareholders and stakeholders, certainly in the current situation
whereby Dockwise holds over 95% of the shares and a combination of the
companies is imminent. Fairstar management further taking steps to
build the fifth vessel
without any discussion and reassessment in the
context of the combination of the two companies is unacceptable. 
Fairstar made yesterday's announcement regarding the intended bond
issue without
the prior knowledge of its 95% shareholder Dockwise,
while it had previously
agreed not to issue bonds without the prior
approval of Dockwise. In the meantime after yesterday's press release
and response thereto by Dockwise, Fairstar indicated again that it
will not issue the bonds without the approval
by Dockwise. 
It is unlikely that Dockwise will approve the bond issue. As
indicated on many
occasions the intended bond issue appears value
destructive and not the right
financing option for Fairstar. Other
financing options also need to be taken
into account from the
perspective of the Fairstar- Dockwise combination including the
previous offer by Dockwise to support and underwrite between
USD
50-100 mln of new equity for Fairstar, which was not considered
or discussed by the boards of Fairstar. In addition to the offers by
Dockwise to support the
financing of Fairstar through an equity issue
or other ways, Dockwise remains
willing to buy the Fairstar bonds
from bondholders, including those that may
exercise their put option. 
About Dockwise Ltd./Dockwise Group 
Dockwise Ltd., a Bermuda incorporated company, has a workforce of
approximately
1,300 people 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 of 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 Genoa,
Italy. The Dockwise
Shipping network is supported by a global network
of agents. 
To support all of its services to customers, the group has
engineering centers
in Houston, Breda, Rotterdam and Shanghai,
manufactures specific motion reduction equipment such as LMU (Leg
Mating Units) and DMU (Deck Mating Units)
and owns a fleet of 23 (of
which 2 under construction) purpose built, semi-submersible vessels. 
Dockwise shares are listed on the Oslo Stock Exchange under ticker
DOCK-OS and
on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares
of Dockwise subsidiary
Fairstar Heavy Transport N.V. are listed on
the Oslo Stock Exchange under ticker
FAIR-OS 
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#1626705] 
For further information please contact:
Fons van Lith
Email: fons.van.lith@dockwise.com
Tel: +31 (0)6 51 314 952 or +31 (0)76 5484116
 
 
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