Koninklijke Boskalis Westminster N.V. : Boskalis launches mandatory offer for Dockwise

Koninklijke Boskalis Westminster N.V. : Boskalis launches mandatory offer for

Papendrecht, 8 February 2013


  oMandatory public offer for all Dockwise Shares at an offer price of
    EUR18.50 / NOK 137.65 per Share cum dividend
  oOffer Period commences on 11 February 2013 at 09:00 hours, CET and expires
    on 13 March 2013 at 17:40 hours, CET
  oMore than 92% of the Shares already committed to Boskalis

With reference to the press release of 30 January 2013, in which Boskalis
announced its decision to make a mandatory public offer for Dockwise, Boskalis
hereby announces the availability of the Offer Document in connection with the
mandatory offer for all the issued and outstanding ordinary shares of Dockwise
(the Shares) at a price of EUR18.50 / NOK 137.65 per Share cum dividend (the
Offer). The Offer is being made through Boskalis' wholly owned subsidiary
Boskalis Holding B.V. (the Offeror).

The Offeror is making the Offer on the terms and subject to the conditions and
restrictions contained in the Offer Document dated today (the Offer Document).
For each Share tendered under the Offer, the Offeror offers a consideration of
EUR 18.50 per Share in cash cum dividend to Shareholders holding Shares
through Euroclear Nederland and NOK 137.65 per Share in cash cum dividend to
Shareholders holding Shares through VPS in accordance with the terms of this
Offer (the Offer Price).

The Offer Price has been determined in accordance with Section 6-10 of the
Norwegian Securities Trading Act and Article 5:80a of the Dutch Act on
Financial Supervision (Wet op het Financieel Toezicht). The Offer Price equals
the highest price per Share the Offeror has paid or agreed to pay in the
period of twelve (12) months prior to the point at which the mandatory offer
obligation was triggered. The NOK amount of 137.65 corresponds to the EUR
amount of 18.50 applying the EUR/NOK exchange rate as at noon (CET) on 7
February 2013. The EUR/NOK exchange rate is fixed for the purpose of
settlement of the Offer.

In connection with the Offer, HAL Investments B.V., holding in aggregate
12,541,886 Shares (representing approximately 31.6% of the Shares), Project
Holland Deelnemingen B.V., holding in aggregate 2,943,518 Shares (representing
approximately 7.4% of the Shares) and various funds ultimately controlled by
Sankaty Advisors, LLC, holding in aggregate 4,416,359 Shares (representing
approximately 11.1% of the Shares), have irrevocably undertaken to tender all
their Shares under the terms and conditions of this Offer Document.

HAL Investments B.V., Project Holland Deelnemingen B.V. and various funds
ultimately controlled by Sankaty Advisors, LLC did not receive any information
in connection with the Offer that is not included in the Offer Document.

As at the date of the Offer Document, Boskalis holds 16,722,812 Shares
representing approximately 42.19 % of the Shares.

Together with the irrevocable commitments obtained from HAL Investments B.V.,
Project Holland Deelnemingen B.V. and various funds ultimately controlled by
Sankaty Advisors, LLC, this means that approximately 92.39% of the Shares is
already acquired by, or committed to, Boskalis.

The Offer Period shall commence on 11 February 2013 at 09:00 (CET) and expires
on 13 March 2013 at 17:40 hours (CET). Pursuant to an exemption granted by the
AFM in respect of Article 14, paragraph 3 of the Decree, the Offer Period has
been determined at 4 weeks and 2 Business Days.

In order for Shareholders holding Shares through VPS to accept the Offer, a
VPS Acceptance Form must be correctly filled out, signed and delivered to, and
received by, the Norwegian Receiving Agent prior to the end of the Offer

Shareholders holding Shares through Euroclear Nederland must have validly made
their acceptances known via their bank or broker to the Netherlands Receiving
Agent prior to the end of the Offer Period to accept the Offer.

Reference is made to Sections 6.7.2 through 6.7.4 of the Offer Document.

Shareholders who have validly tendered and transferred (geleverd) their Shares
for acceptance pursuant to the Offer prior to the expiry of the Offer Period
will receive the Offer Price in respect of each Share tendered five (5)
Business Days after the expiry of the Offer Period, being on 20 March 2013.

The Offer Price will be settled in cash in EUR with respect to Shareholders
holding shares through Euroclear Nederland and Shareholders individually
recorded in the register of members of Dockwise. The Offer Price will be
settled in cash in NOK with respect to Shareholders holding shares through

The purchase of Shares by the Offeror pursuant to the Offer, among other
things, will reduce the number of Shareholders and the number of Shares that
might otherwise trade publicly.

As soon as possible following completion of the Offer, the Offeror will apply
for delisting of the Shares on Euronext Amsterdam. The Offeror also intends to
apply for a delisting of the Shares from the Oslo Børs in the event that the
requirements for the delisting of Dockwise are met.

It is the intention of the Offeror to complete a compulsory acquisition
(squeeze-out) of the remaining Shares (if any) as soon as possible following
completion of the Offer.

Announcements issued by or on behalf of the Offeror regarding the Offer and/or
the Offer Document will be made available through Oslo Børs' electronic
information system (www.newsweb.no) under Dockwise's ticker code "DOCK" and on
the website of Boskalis (www.boskalis.com). In addition, any such announcement
will be made publicly available by press release.

The Offeror is making the Offer on the terms and subject to the conditions and
restrictions contained in the Offer Document, which will be available as of

This announcement contains selected, condensed information regarding the Offer
and does not replace the Offer Document. The information in this announcement
is not complete and additional information is contained in the Offer Document.

Shareholders are advised to review the Offer Document in detail and to seek
independent advice where appropriate in order to reach a reasoned judgment in
respect of the Offer and the content of the Offer Document.

Copies of the Offer Document will be distributed to the Shareholders
registered in Dockwise's shareholders register as at the date of the Offer
Document, except for Shareholders in jurisdictions where the Offer Document
may not be lawfully distributed

Further, copies of the Offer Document are also available free of charge at the
website of Boskalis (www.boskalis.com) and at the offices of Nordea Bank Norge
ASA (the Norwegian Receiving Agent) and ABN AMRO Bank N.V. (the Netherlands
Receiving Agent) (together the Receiving Agent) and the Offeror:

Nordea Bank Norge ASA
Securities Services- Issuer Services
P.O. Box 1166 Sentrum
NO-0107 Oslo
Telephone: + 47 22 48 62 62
Telefax: + 47 22 48 63 49

Department Equity Capital Markets HQ 7050
Gustav Mahlerlaan 10
The Netherlands
Telephone: +31 20 344 2000
Fax:+31 20 628 8481

The Offeror
Boskalis Holding B.V.
Rosmolenweg 20
3356 LK Papendrecht
The Netherlands

Investor Relations & Press:
Martijn L.D. Schuttevâer

T +31 78 6969310
F +31 78 6969020

This press release is issued by Royal Boskalis Westminster N.V. (Boskalis)
pursuant to the provisions of Article 5-12 of the Norwegian Securities Trading
Act (Verdipapirhandelloven) and Article 5:25i paragraph 2 of the Dutch Act on
Financial Supervision (Wet op het Financieel Toezicht) and Articles 4, 5a and
13 of the Dutch Decree on Public Takeover Bids (Besluit openbare biedingen
Wft) in connection with its public offer for Dockwise Ltd. (Dockwise). This
announcement does not constitute an offer, or any solicitation of any offer,
to buy or subscribe for any securities. This announcement is not for release,
publication or distribution, in whole or in part, directly or indirectly, in
or into the United States of America, Canada, Australia or Japan. Terms that
are not defined in this press release will have the meaning as defined in the
Offer Document.

The Offer is being made with due observance of such statements, conditions and
restrictions as are included in the Offer Document. The Offeror reserves the
right to accept any tender under the Offer, which is made by or on behalf of a
Shareholder, even if it has not been made in the manner set out in the Offer

The Offer is not being made, and the Shares will not be accepted for purchase
from or on behalf of any Shareholder, in any jurisdiction in which the making
of the Offer or acceptance thereof would not be in compliance with the
securities or other laws or regulations of such jurisdiction or would require
any registration, approval or filing with any regulatory authority not
expressly contemplated by the terms of the Offer Document. Persons obtaining
the Offer Document are required to take due note and observe all such
restrictions and obtain any necessary authorisations, approvals or consents
(to the extent applicable). Outside of the Netherlands and the United States,
no actions have been taken (nor will actions be taken) to make the Offer
possible in any jurisdiction where such actions would be required. In
addition, the Offer Document has not been filed with nor recognised by the
authorities of any jurisdiction other than the Netherlands and Norway. Neither
the Offeror, nor Boskalis nor any of its advisers accepts any liability for
any violation by any person of any such restrictions. Any person (including,
without limitation, custodians, nominees and trustees) who forwards or intends
to forward the Offer Document or any related document to any jurisdiction
outside the Netherlands or Norway should carefully read Sections 2, 3 and 4 of
the Offer Document (Statement by the Offeror, Important Information and
Restrictions) before taking any action. The release, publication or
distribution of the Offer Document in or to jurisdictions other than the
Netherlands or Norway may be restricted by law and therefore persons into
whose possession the Offer Document comes should inform themselves about and
observe such restrictions. Any failure to comply with any such restrictions
may constitute a violation of the law of any such jurisdiction. This
announcement is not to be published or distributed in or to Canada or Japan.

Notice to U.S. holders of Shares
The Offer will be made for the securities of a Bermuda company and is subject
to disclosure requirements which differ from those of the United States. The
financial information of Dockwise included or referred to in this announcement
has been prepared in accordance with International Financial Reporting
Standards as adopted by the European Union and, accordingly, may not be
comparable to financial information of U.S. companies or companies whose
financial statements are prepared in accordance with generally accepted
accounting principles in the United States. The Offer will be made in the
United States pursuant to the applicable U.S. tender offer rules and otherwise
in accordance with the applicable regulatory requirements in Norway and The
Netherlands. Accordingly, the Offer will be subject to disclosure and other
procedural requirements, including with respect to withdrawal rights, offer
timetable, settlement procedures and timing of payments, that are different
from those applicable under U.S. domestic tender offer procedures and law. The
receipt of cash pursuant to the Offer by a U.S. holder of Shares will be a
taxable transaction for U.S. federal income tax purposes and may be a taxable
transaction under applicable state and local, as well as foreign and other tax
laws. Each holder of Shares is urged to consult his independent professional
advisor immediately regarding the tax consequences of acceptance of the Offer.
It may be difficult for U.S. holders of Shares to enforce their rights and
claims arising out of the U.S. federal securities laws, since the Offeror and
Dockwise are located in a country other than the United States, and some or
all of their officers and directors may be residents of a country other than
the United States. U.S. holders of Shares may not be able to sue a non-U.S.
company or its officers or directors in a non-U.S. court for violations of the
U.S. securities laws. Further, it may be difficult to compel a non-U.S.
company and its affiliates to subject themselves to a U.S. court's judgment.

In accordance with standard Norwegian and Dutch practice and pursuant to Rule
14e-5(b) of the U.S. Securities Exchange Act of 1934, as amended, the Offeror
or its nominees, or its brokers (acting as agents), or affiliates of the
Offeror's financial advisors, may from time to time make certain purchases of,
or arrangements to purchase, Shares outside of the United States, other than
pursuant to the Offer, before or during the period in which the Offer remains
open for acceptance. These purchases may occur either in the open market at
prevailing prices or in private transactions at negotiated prices. To the
extent required in Norway or in the Netherlands, any information about such
purchases will be announced by press release and posted on the website of
Boskalis at www.boskalis.com.

Canada and Japan
The Offer is not, directly or indirectly, being made in or into, or by use of
the mailing systems of, or by any means or instrumentality (including, without
limitation, electronic mail, post, telephone, facsimile, telex or electronic
transmission) of interstate or foreign commerce of, or of any facility of a
securities exchange of Canada and Japan, and the Offer cannot be accepted by
any such use, means, instrumentality or facility or from within Canada or
Japan. Accordingly, the Offer Document and any related documents are not being
and must not be mailed or otherwise distributed or sent in or into Canada or
Japan or to such persons in their capacity of custodians, trustees, or
nominees holding shares for Canadian and Japanese persons. Persons receiving
such documents (including, without limitation, custodians, nominees and
trustees) must not distribute or send them into such jurisdictions and doing
so will render invalid any relevant purported acceptance of the Offer.

The Offer Document includes "forward-looking statements", including statements
about the expected timing and completion of the Offer. Forward-looking
statements involve known or unknown risks and uncertainties because they
relate to events and depend on circumstances that all occur in the future.
Generally, words such as may, should, aim, will, expect, intend, estimate,
anticipate, believe, plan, seek, continue or similar expressions identify
forward-looking statements. Although the Offeror and Boskalis believe that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, no assurance can be given that such statements will be
fulfilled or prove to be correct, and no representations are made as to the
future accuracy and completeness of such statements. The forward-looking
statements involve unknown risks, uncertainties and other factors, many of
which are outside the control of the Offeror and Boskalis, and are difficult
to predict. These forward-looking statements are not guarantees of future
performance. Any such forward-looking statements must be considered together
with the fact that actual events or results may vary materially from such
forward-looking statements due to, among other things, political, economic or
legal changes in the markets and environments in which the Offeror and
Boskalis do business, to competitive developments or risks inherent to the
business plans of the Offeror and Boskalis, and to uncertainties, risk and
volatility in financial markets and other factors affecting the Offeror and
The Offeror and Boskalis undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable laws and regulations or
by any appropriate regulatory authority.

Background information:
Dockwise Ltd., a Bermuda incorporated Company, has a workforce of more than
1,400 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 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 and operates a
fleet of 25 purpose built semisubmersible vessels (including Dockwise
Vanguard, Finesse and White Marlin). Dockwise shares are listed on the Oslo
Stock Exchange and on NYSE Euronext Amsterdam.
For further information: www.Dockwise.com

Royal Boskalis Westminster N.V. is a leading global services provider
operating in the dredging, maritime infrastructure and maritime services
sectors. The company provides creative and innovative all-round solutions to
infrastructural challenges in the maritime, coastal and delta regions of the
world with the construction and maintenance of ports and waterways, land
reclamation, coastal defense and riverbank protection. In addition, Boskalis
offers a wide variety of marine services and contracting for the offshore
energy sector including subsea, transport and heavy lift (through Boskalis
Offshore) and towage and salvage (through SMIT). It also has strategic
partnerships in the Middle East (Archirodon) and in terminal services (Smit
Lamnalco). With a versatile fleet of over 1,100 units Boskalis operates in
around 75 countries across six continents. Including its share in
partnerships, Boskalis has approximately 14,000 employees.

This press release can also be found on our website www.boskalis.com.
Offer Document
pdf version press release


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
information contained therein.

Source: Koninklijke Boskalis Westminster N.V. via Thomson Reuters ONE
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