Dockwiser North Sea

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No 9, 1st Quarter 2012

Revealing THE

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Thrustworthy bowless the unexplored float-over innovation decommissioning experience market US$ 4,95 | www.dockwise.com

The Corocoro float-over A new milestone for Dockwise: working as a Transport & Installation contractor without using Dockwise equipment. In the beautiful Gulf of Paria in Venezuela, a challenging operation was completed successfully thanks to the team’s knowledge and the constructive cooperation with the partners and contractors involved.

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DOCKSHOT!

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CONTENTS DOCKWISER

10

Number 9 First Quarter 2012

www.dockwise.com

4 from the CEO 6 docknews 10 The north sea: energy centre of western europe

The North Sea

A sea with a history and a prosperous outlook

12 A sea with a history and a prosperous outlook

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20 Dockwise sets sail to the North Sea 22 Transport & Installation 24 Floaters finding favour in Norway 28 Workfox’s Keesjan Cordia’s Optimism Proves Catching 30 The new Dockwise Vanguard 34 Decommissioning: the unexplored market

Workfox

Optimism Proves Catching

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38 Dockwise talks to the Stewart Group 43 see A World of Opportunities

Dockwise Vanguard

From drawing board to the real thing Page 4 DOCKWISER

FROM THE CEO

Our performance can only be achieved through thorough knowledge and the best resources available. I am very proud of our worldwide teamwork and the variety of international people, both onshore and offshore, who cooperate within the different companies of the Dockwise Group. Our people aim to realize the inconceivable, 365 days a year. We are in a volatile and stormy world facing many challenges. Being involved in the growth and development of this wonderful company for many years, I am very aware of the loyalty and commitment of our people. An important reason for this loyalty is the passion for the unique and diverse business we are in.

An excellent example of our ambition is the new super vessel Dockwise Vanguard, currently being built in Korea, with which we will enable our clients to go beyond horizons of current logistical challenges. In this edition, we offer you the latest updates on the design and construction of this innovative vessel, which has been designed with a clear innovative mindset by a passionate and visionary team.

“People With Passion Can Make The Difference” Highlighted is the North Sea, an area with an interesting history, an important area with developments in the field of exploration and production, which is becoming increasingly more important to Dockwise. I am glad to see that an increasing number of companies that operate in this region decide to use the services provided

by Dockwise.

Every project comes with unique challenges: talking about transporting 30 barges on the Dockwise Swan, 25 vessels on our Yacht Carrier, a transport & installation project near Vyborg on a floating structure, the design and construction of our new super vessel Dockwise Vanguard, but also the numerous interesting new projects in our expanding backlog, such as the Jack & St. Malo platform. Expanding this robust track record is only possible with a crucial core competence amongst our people: ‘Passion’ for managing clients’ logistical challenges.

Whilst writing this message, we are nearing the end of a turbulent year. This season is always an excellent moment to take some time to reflect. I hope you all find some time to look on achievements realized in the past year and consider opportunities arising for the year ahead.

I would like to wish you and your loved ones a healthy and safe 2012 and hope you enjoy reading this latest edition of our Dockwiser.

Regards, André Goedée DOCKWISER Page 5

Dock News

Dockwise Vanguard

Steel cutting ceremony September 2011 - The Dockwise king size heavy lift vessel project has reached a new milestone. Steel cutting for the Dockwise Vanguard commenced on schedule on 15th September 2011. This ceremony took place at the Shin Hwa Tech steel factory (Pohang, South Korea), Hyundai Heavy Industries’ Subcontractor for steel cutting

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and plate nesting. The smooth organization of the event was in the hands of Hyundai. After an official opening formal tape cutting took place and the cutting machine was activated to cut the first steel of our new flagship. Representatives of DNV, Shin Hwa Tech, Hyundai Heavy Industries and Dockwise attended the ceremony and toasted for

project success afterwards.

Since the signing of the contract in February 2011, Dockwise has established a good cooperation with Hyundai Heavy Industries.

The delivery date of the Dockwise Vanguard remains unchanged. Focus is still on 30th October 2012. We are now entering the construction phase.

Follow us on twitter @Dockwise

Confirmation of strategic focus by sale of Yacht division

Dockwise Vanguard books second journey for delivery in 2013

November 2011 - On November 7th, Dockwise reconfirmed its strategy as a dedicated ‘service company for the Oil & Gas industry’ with the sale of its yachting division, Dockwise Yacht Transport (DYT). Dockwise will continue to lay more emphasis on its core activities: Heavy Marine Transport (HMT), Transport and Installation (T&I) and Logistical Management. After the completion of the transaction, Dockwise will have 16 vessels to support its activities and serve its global client base.

October 2011 - Dockwise announced its second project for the new-build vessel Dockwise Vanguard. Directly following the transportation of the Jack & St. Malo platform to the Gulf of Mexico in 2013, the Dockwise Vanguard will return to Korea to load and transport the Goliat floating, production, storage and offloading vessel [FPSO] to northern Norway.

DYT, a wholly-owned subsidiary, has always played a significant role in the history of Dockwise, but operated independently due to the lack of overlap in customers or synergy of the equipment used

by Dockwise. The company owns three dedicated vessels; Super Servant 3, Super Servant 4 and Yacht Express, which are part of the agreement. DYT, world leader in the transport of yachts and leisure craft, will be sold to Copy Enterprises Corp., with participation of the existing management of DYT. After the announcement of the Letter of Intent in early November, the anticipated completion of the agreement is foreseen for the next quarter.

The investment decision for the construction of the Dockwise Vanguard has facilitated technical

optimization of the production platform, whereby the change offers benefits to the Goliat project with respect to transit time and transportation flexibility.

The Goliat FPSO will be operated by Eni for oil production of the Goliat field located offshore Northern Norway in sub-arctic conditions. The platform is designed as a fully integrated and enclosed winterized floating production platform (FPSO).

Russia Offshore 2012 Moscow, Russia

March 26 - 28, 2012

OTC 2012 Reliant Park, Houston (TX), USA

April 30 - May 3, 2012

APPEA 2012 Adelaide Convention Centre, Australia

May 13 - 16, 2012

Rio Oil & Gas 2012 Riocentro, Rio de Janeiro, Brazil

September 17 - 20, 2012

OFFSHORE ENERGY 2012 AMSTERDAM RAI, THE NETHERLANDS

OCTOBER 23 - 24, 2012

OSEA 2012 Marina Bay Sands, Singapore

November 30 - December 3, 2012

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Follow us on twitter @Dockwise

OTC Brazil Welcome Reception October 2011 - Dockwise hosted the first annual OTC Brazil Welcome Reception in Rio de Janeiro. The reception was held on Monday, October 3rd, 2011 in conjunction with the first ever Offshore Technology Conference in Brazil (OTC Brazil) and turned out to be a big success. Casa do Canal, a unique venue establishment in the Barra area proved to be the perfect backdrop for our client reception. Approximately 75 key clients and business partners such as BP, Transocean, VALE, Keppel Shipyard, OSX and Repsol YPF were some of the featured guests at the event.

The evening started with fine foods and refreshing Caipirinha’s. Robb Erickson and Marten Dresen greeted guests with a welcome speech and an introduction of the new heavy lift vessel, Dockwise Vanguard. “This was the first OTC held in Brazil, and since we chose not to have an exhibit stand, the reception was the perfect way to interact personally with our clients and business partners in Brazil, and turn-out was excellent” said Robb Erickson, Vice President Worldwide Heavy Marine Transport.

“Thanks to Dockwise for the beautiful reception and for continuing to work with VALE as a reliable partner, offering total solutions that take our headaches away” said Nelson Coelho, VALE, General Manager of Shipping Projects. “It’s great to be able to celebrate with our clients and partners and to see the growing presence of Dockwise in Brazil” said Marten Dresen, Dockwise, Area Manager Brazil. The second annual Welcome Reception is planned for September 2012 during Rio Oil & Gas.

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Marintec China 2011 December 2011 - From 29 November till 2 December, Dockwise was featured at the Marintec Shanghai in China. Since China is one of Dockwise’s growth markets, a multidisciplinary team of Dockwise China and Ocean Dynamics China was present at a well-visited exhibition in Shanghai.

During the exhibition, Sheng Zeng, General Manager of Dockwise China, said: “Since our new office opened in 2010, our people have been actively developing new business contacts and this is an excellent opportunity to strengthen these contacts. We also have been in contact with numerous new potential clients! Our new booth which also showed a model of our new vessel Dockwise Vanguard combined with our highly motivated and ambitious team has resulted in numerous opportunities during these days. We value the exhibition, the people who visited our booth and are happy with the results of the exhibition so far.”

6 0 ˚N

The North Sea:

energy centre of western europe

ABERDEEN

proven oil reserves proven gas reserves major windparks

5 0 ˚N

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400,000 shipmovements per year

LONDON

NORTHSEA BERGEN

STAVANGER

GREATER EKOFISK

WEST SIDE FIELD

THANET

CALAIS

HAMBURG

ROTTERDAM ANTWERP

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THE

A sea with a history and The North Sea is a European body of water with a history, and one with a wide variety of natural and renewable resources.

The North Sea is a partially enclosed sea on the Atlantic Ocean side, bordering Great Britain, Scandinavia, Belgium, and the Netherlands. It is a shallow sea in the middle of Europe that connects to the Atlantic Ocean through the narrow English Channel to the south and the Norwegian Sea to the north.

Between the French city Calais and the English coast, the distance is just 33 km (21 mi). The total surface of the North Sea is approximately 750,000 km2 (290,000 sq mi) as the sea is more than 970 km (600 mi) long and 580 km (360 mi) wide.

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NORTHSEA

a prosperous outlook

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For the most part, the sea lies on the European continental shelf with an average depth of 90 meters (300 ft). The only exception is the Norwegian Trench, which extends parallel to the Norwegian shoreline from Oslo to an area north of Bergen. It has a maximum depth of 725 m (2,379 ft).

The North Sea has long been the site of major European shipping lanes as well as the fishery industry. The sea is a popular destination for recreation and tourism in bordering countries and more recently, it has developed energy resources that include fossil fuels, wind as well as early efforts in wave power.

Historically, the North Sea has been mainly featured in geopolitical and military affairs, particularly in Northern Europe, but also globally through the powerful northern European players portrayed worldwide during

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much of the Middle Ages and modern era. The North Sea was the center of the Vikings’ rise to power and subsequently the Dutch and the British each sought to dominate the North Sea and by doing so, control access to the world’s markets and resources. As Germany’s only outlet to the ocean, the North Sea continued to be strategically vital throughout both the world wars.

The North Sea’s coast presents a diversity of geological and geographical features. In the north, deep fjords and sheer cliffs mark the Norwegian and Scottish coastlines, whereas the south consists primarily of sandy beaches and wide mudflats. Due to the dense population, heavy industrialization, and intense use of the sea and the area surrounding it, there have been a number of environmental issues that have affected the sea’s ecosystems. Environmental concerns - commonly including overfishing, industrial and agricultural runoff, dredging, and dumping among others - have led to a number

NORTHSEA Geology and weather GEOLOGY About 85 million years ago, today’s entire mainland Europe except for Scandinavia was a scattering of islands. By the Early Oligocene, 34 to 28 million years ago, the emergence of Western and Central Europe had almost completely separated the North Sea from the Tethys Ocean, which gradually shrank to become the Mediterranean as Southern Europe and Southwest Asia became dry land. The North Sea was cut off from the English Channel by a narrow land bridge until that was breached by at least two catastrophic floods between 450,000 and 180,000 years ago.

White Cliffs of Dover

of efforts to prevent degradation of the sea while still making use of its economic potential.

Extreme weather storm tides often threaten the coasts of the Netherlands, Belgium, Germany, Denmark and low lying areas of eastern England particularly around The Wash and Fens. Storm surges are caused by changes in barometric pressure combined with strong wind that creates wave action.

In 1362, a flood hit the entire southern coast of the North Sea. Chronicles of the time recorded more than 100,000 deaths as large parts of the coast were lost permanently to the sea. In the 20th century, the North Sea flood of 1953 flooded several nations’ coasts and took more than 2,000 lives. In the North Sea flood of 1962 in Hamburg, 315 citizen lives were claimed.

Energy As early as 1859, the first oil was discovered in onshore areas around the North Sea and natural gas as early as 1910.

Long dismissed by many as a potential source of oil or gas, the North Sea has, over the last four decades, become the center of one of the world’s most productive energy industries. Gas was first found in quantity in the Groningen area of The Netherlands in 1959. This was followed by the first British discovery of gas in the West Sole field off the coast of East Anglia, by the BP jack-up drilling rig Sea Gem, late in 1965.

Although assumptions on offshore oil reserves existed earlier, test drilling began in 1966.

Later, in 1969, Phillips Petroleum Company discovered the Ekofisk oil field 320 km offshore

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the Norwegian coast near Stavanger. This field distinguishes itself by valuable, low sulphur oil.

Commercial exploitation began in 1971 with tankers and after 1975, by a pipeline that went first to Teesside, England and after 1977, went to Emden, Germany as well. Ekofisk remains one of the largest discoveries made so far in the North Sea and is expected to remain as an oil producer until at least 2050.

Discoveries of oil grew in number as more British, European and American companies took out leases on sectors of the North Sea. By the mid-1980s, there were over one hundred installations. Through extraordinary technological innovation and human effort – and sacrifice – millions of barrels were being produced every day. An oil and gas bonanza had occurred.

Although the production costs are relatively high, the quality of the oil, the political stability of the region, and the proximity to important markets in Western Europe has made the North Sea a major oil-producing region.

“ Since 2002, the North Sea has been the home of large offshore wind farms”

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Thanet offshore wind farm - Photo: Jamie Cook

The price of Brent Crude, one of the first types of oil extracted from the North Sea, is used today as a standard price for comparing crude oil to the rest of the world. The North Sea contains Western Europe’s largest oil and natural gas reserves and is one of the world’s key non-OPEC producing regions.

Concerns that safety was not a high enough priority in the race for oil and gas, that fact was apparently confirmed by the Piper Alpha disaster of 1988. In this, the worst disaster in the North Sea, 167 men lost their lives.

During the 1990s, like the rest of the world, the North Sea was vulnerable to the fluctuation of world oil prices. Nevertheless, production grew and peaked around 2000/1.

The North Sea is currently regarded as a mature province that is slowly declining in production. However, thanks to cutting edge technology, major amounts of oil and gas could be exploited for up to 50 years.

New discoveries are still being made and the industry is now well established west of Shetland in the Atlantic.

NORTHSEA Exploration activity remains dominated in the North Sea by Norwegian and UK companies.

A downward trend in drilling has been noted over the last year in the UK, mainly for exploration wells with only 20 exploration and appraisal wells drilled in the first half year. The opposite trend has been observed in Norway, where exploration remains strong.

Norway is currently the third biggest oil exporter in the world, and also the sixth largest producer of natural gas with the large amounts of gas reserves in the North Sea. With the Norwegian oil and gas industry expected to witness a significant recovery in the years ahead, it is very likely that the industry will witness tremendous growth in the coming years. The improved economic conditions throughout 2010, combined with high oil prices, have supported increased activity.

Renewable Energy Besides Fossil Fuels, the North Sea is an area well suited for the development of renewable

history Early History The North Sea has provided waterway access for commerce and conquest. Many areas have access to the North Sea with its long coastline and European rivers that empty into the British Isles had been protected from invasion by the North Sea waters until the Roman conquest of Britain in 43 AD. The Romans established organized ports, shipping increased and sustained trade began.

The 17th century Dutch Golden Age, during which Dutch herring, cod and whale fisheries reached an all time high, saw Dutch power at its peak. Major overseas colonies, a vast merchant marine, powerful navy, and large profits made the Dutch the main challengers to an ambitious England. This rivalry led to the first three Anglo-Dutch Wars between 1652 and 1673, which ended with Dutch victories. With both countries united, commercial, military, and political power shifted from Amsterdam to London.

20th Century History During the First World War, Great Britain and Germany’s military forces faced each other on the North Sea, which became the main theater of the war for surface action. Britain’s larger fleet was able to establish an effective blockade for most of the war, restricting the Central Powers’ access to many crucial resources. The First World War also brought the first extensive use of submarine warfare, and a number of submarine actions occurred in the North Sea. The Second World War also witnessed action in the North Sea, though it was restricted more to aircraft reconnaissance, aircraft fighter/bombers, submarines and smaller vessels such as minesweepers, and torpedo boats and similar vessels. In the last years of the war and the first years thereafter, hundreds of thousands of tons of weapons were disposed of by being sunk in the North Sea. After the war, the North Sea lost much of its military presence due to the fact that it borders only the NATO member states. However, it gained significant economic importance in the 1960s as the states on the North Sea began full-scale exploitation of its oil and gas resources.

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energy. For example, wind energy exists in significant wind parks and tidal energy is in still in its testing phase.

Wind energy Due to strong prevailing winds, countries bordering the North Sea, particularly Germany and Denmark, have used the shore for wind power since the 1990s. Since 2002, the North Sea has been the home of large offshore wind farms. The North Sea has by far the most wind parks around the world and several countries remain very active in the expansion of this source of renewable energy. Southeast of the UK, Thanet, the largest offshore wind park in the world, opened in 2010. With 100 wind turbines, the annual electricity of nearly 300 MW is produced for approximately 200,000 households.

Innovative tidal energy Energy production from tidal power is still in a pre-commercial stage. The European Marine Energy Centre has installed a wave testing system at Billia Croo on the Orkney mainland and a tidal power testing station on the nearby island of Eday. Since 2003, a prototype Wave Dragon energy converter has been in operation at the Nissum Bredning fjord in northern Denmark. Many people follow these developments with great interest.   Governmental Regulations As the North Sea is surrounded by Norway, Sweden, Denmark, Germany, the Netherlands, Belgium, England and Scotland and due to the fact that most of these countries are EU members, EU regulations apply in the region.

Two major areas where regulations apply are

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fishing and pollution. Overfishing (the taking of so many fish that fish populations are reduced) is a problem for the fishing industry in the North Sea. Therefore, quotas have been introduced, but they are fiercely debated. Negotiations on cod overfishing, for example, have been a very difficult matter for the EU. Another problem the EU and the North Sea countries have had to address during the last century is the increasing level of pollution in the sea. Governmental regulation has improved the situation, but careful supervision by the surrounding countries is still needed to combat further pollution of the sea. A good example is operation and decommissioning of Oil & Gas Exploration and Production Platforms.

Companies operating these platforms are under strict regulations. During the OSPAR convention in 1997, the European Agreement was made on regulations regarding the future dismantling of these platforms. (A more in-depth article on decommissioning can be found on page 34) Harbors and shipping Most of the European Community’s largest ports are on the North Sea coasts and rivers: Hamburg, Amsterdam, Rotterdam, Antwerp, Le Havre and London. Rotterdam is by far the largest port, followed by Antwerp, Hamburg, and London.

The sea continues to be an active trade route for a wide variety of cargo vessels. The number of vessels travelling though the North Sea has multiplied over the last few decades to over 400,000 ship movements in 2010.

The heaviest traffic is in the Strait of Dover where approximately 150 vessels per day pass in each direction, in addition to an average 300 ferry crossings daily.

NORTHSEA

fun facts To the Dutch, herring is synonymous with the North Sea. Although our so-called “Maatjesharing� fits nicely on a small bun, a herring can weigh up to 1 kilogram and live to the ripe old age of 35 years.

The variety of sea life in the North Sea is also amazing.

Untapped North Sea oil reserves far exceed industry estimates at around 30 billion barrels of oil, according to geological experts.

30,000,000,000

ore than 230 species of fish live in the North Sea. Cod, M haddock, whiting, saithe, plaice, sole, mackerel, herring, pouting, sprat, and sand eel are all very common and are fished commercially. Moreover, specific types of whales, sharks and dolphins live in limited numbers in the North Sea.

6,000

Seals: In the coastal areas of the Dutch, German and Danish North Sea, seals are at home in their natural habitat. Although in the period of 1970-1980, seals in the North Sea were almost in danger of extinction due to the ban on hunting and the excellent nurturing of sick and wounded seals, nearly 6,000 seals are thriving again in this region!

Several times a year people swim across the North Sea. The world record of a person swimming from England to France over a distance of 34 miles is a little over 7 hours!

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Dockwise sets sail to the North Sea COMPLETED PROJECTS Project Customer From To Offload date Vessel

Jack-Up Drilling Rig Maersk Resilient Maersk Drilling AS Dubai, UAE Rotterdam, The Netherlands JUNE 2011 Dockwise Treasure

Project Customer From To Offload date Vessel

Jack-Up Drilling Rig Maersk Reacher Maersk Drilling AS Dubai, UAE Rotterdam, The Netherlands April 2010 Dockwise Talisman

Project From To Offload date Vessel

Jack-Up Barge Melbourne, Australia the North Sea March 2011 Dockwise Swan

Project Customer From To Offload date Vessel

Jack-Up Barges Karlissa A & Karlissa B Titan Maritime LLC San Diego, USA Rotterdam, The Netherlands January 2010 Dockwise Swan

Project Customer From To Offload date Vessel

Jack-Up Drilling Rig Swift 10 Swift Drilling Singapore Rotterdam, The Netherlands December 2010 Dockwise Teal

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Maersk Resilient, Callantkanaal Rotterdam

NORTHSEA As described on the previous pages, the North Sea is a region of interest to all major companies in the ´oil and gas arena´. Offshore Exploration and Production opportunities to exploit the natural resources attract numerous companies of the major operators, investors, contractors and service companies that are involved.

Dockwise is also regularly spotted in the North Sea. Dockwise is active in the field of heavy marine transport services, which involves safe dry transportation of numerous major structures from locations around the globe to the North Sea for drilling and generic contractors. Dockwise is also active in the field of offshore transport & installation, which involves the transport and discharge of fully integrated topsides onto pre-installed substructures in the North Sea. Below you can find an overview of completed and upcoming Dockwise projects with destination ´North Sea´.

UPCOMING PROJECTS Project Customer Year Description

ATP Cheviot Bluewater Industries 2012-2014 Multiple transports. First transport is the hull (2012). After that, the topside transport and the subsequent floatover take place in the Norwegian part of the North Sea.

Project Customer Year Description

ENI Goliat FPSO Hyundai Heavy Industries 2013 Dockwise will load, transport, and discharge the Goliat, a 58,000 metric ton, cylinder shaped Sevan 1000 design, fully integrated FPSO (Floating Production and Storage Offloading). Transport of the Goliat from Ulsan, Korea, to Hammerfest, Norway, is scheduled for 2013, using the new vessel Dockwise Vanguard. The Goliat has a diameter of 112 meters and is 75 meters high.

Project Customer Year Description

statoil Gudrun Topside Aibel 2013 The Gudrun topside will be transported from Thailand to Norway. The topside will be loaded onto a vessel and discharged by means of SPMTs. Gudrun is an oil and gas field in production in the North Sea, about 55 kilometers north of the Sleipner A platform.

Project Customer Year Description

bp Clair Ridge BP 2015 A total of eight topsides will be transported from Korea to the Northern North Sea/Atlantic Ocean west of the Shetland Islands by several Dockwise vessels during five voyages.

These will be installed offshore to create two offshore platforms for a consortium headed.

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In recent months, Dockwise was able to add more important projects to its ever-expanding list of successfully performed floatover projects around the globe. Not only the unique capabilities of the vessels are valued nowadays. Dockwise’s thorough knowledge on all aspects regarding these types of challenging offshore projects results in alternative projects as well.

Transport & Installation trustworthy experience leads to extending the track record During this summer, Dockwise completed two important transport & installation projects in accordance with expectations of the clients. The completed projects were the Corocoro float-over in Venezuela and the PPS topsides float-over in the Bongkot South field in the Gulf of Thailand.

Corocoro Corocoro was one of the first projects for which Dockwise (and its consortium partners) was asked to provide services such as project management, engineering, project execution, subcontracting etc. This resulted in a positive experience that will no doubt

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Corocoro

be repeated in the near future, since Dockwise is evolving into a market leader in the field of (complex) float-overs.

The project comprised the transport, floatover, hook-up and installation of a 7,500 mt Central Processing Facility Platform (CPF) and the installation of an interconnecting bridge between this CPF platform and a Wellhead platform, which was installed by ODL/OKI in 2005. The Corocoro float-over was performed in a unique manner, as the very shallow water required us to use hydraulic equipment to lift the 7,500 mt topside prior to positioning it onto the piles.

T&I

Bongkot

“It is clear that the services of Dockwise can go beyond providing clients with semi-submersible vessels with unique capabilities. The Corocoro project shows that there is a clear part that Dockwise can fulfill: that of an installation contractor for challenging projects. The extensive know-how that Dockwise has developed during the execution of numerous projects has proven to be a key asset in installing an offshore topside in a challenging environment. Dockwise and its partners in the consortium, Dynamic Industries and Vhicoa, were capable of controlling a wide spectrum of variables, such as the shallow water depth of only 6 meters, the swell existing in the area and the coordination of all the subcontractors involved”, says Bas Mabelus, Project manager of the project.

This is a typical example of a fast track project that demonstrates Dockwise’s ability and flexibility to deal with challenging and rapidly changing circumstances, even without the usage of Dockwise vessels. Since the contract was finalized only a few months earlier, the consortium had to adopt a flexible attitude in order to be able to prepare and

execute this interesting project in August and September 2011.

Bongkot Back in April, the Black Marlin arrived in Ulsan, South Korea, to enter the final stage of preparations for the transportation and consecutive float‐over of Hyundai Heavy Industries’ 19,000 T Bongkot PPS topside.

After completing all preparations and an uneventful, 12‐day passage to the Gulf of Thailand - the typhoon Muifa in the Philippine Sea was duly avoided - the Black Marlin arrived safely at the Bongkot A4 field on August 11. Dockwise assisted during this float‐over operation by contracting a 3‐tug marine spread.

Aart van den Hoonaard, Dockwise’s Bongkot float‐over Project Manager, commented: “This successful float‐over exemplifies the synergy between Dockwise’s head office in Breda and our engineering offices in Houston. The smooth Bongkot float‐over shows that Dockwise has all the necessary in‐house marine and structural engineering expertise to perform such an intricate operation that included the configurations by Dockwise for the offshore mooring system”.

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Floaters finding favour in Norway BEATE SCHJOLBERG Oslo (Upstream)

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FLOATERS

A NUMBER of Norwegian operators are considering floater options as they work to develop discoveries in deeper waters and with shorter expected field life. A number of projects are headed for concept decisions and contract awards over the next couple of years. Two of the biggest ongoing projects are FPSO developments — BP’s Skarv field in the Norwegian Sea, due on stream later this year, and Eni’s Goliat, a Barents Sea Field set to start production in 2013.

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Several other operators have chosen or are considering floaters as the most efficient way of draining midsized discoveries or fields in harsh, remote or deep waters, including Statoil, BG Group and Det Norske Oljeselskap. Norway’s large North Sea fields from the 1970s and 1980s were mainly developed with fixed platforms.

Their location in relatively shallow waters, with a reasonable distance to shore and expected life of between 20 and 30 years or more allowed for fixed solutions connected via pipelines to terminals and refineries.

The country’s first life-of-field FPSO started up in 1997 at the Norne field. Located in water depths of 380 metres in the harsh environment Norwegian Sea, the Norne FPSO remains Norway’s northernmost surface offshore installation until Goliat comes on stream.

At Goliat, operator Eni and partner Statoil have opted for an FPSO with Sevan Marine’s cylindrical hull design to be constructed at Hyundai in South Korea. The floater will have special features including improved winterization and equipment to reduce pollution risk.

The Skarv FPSO will be Norway’s largest in terms of size, overtaking the slightly smaller

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vessel at the Aasgard field. The Skarv unit will also carry the world largest offshore gas processing system to handle production from the oil and gas field. The unit was built at Samsung and is now at Aker Stord in Norway for completion work.

As discoveries have become gradually smaller over the past decade, Norway is now seeing a large number of subsea tie-back developments to existing infrastructure. In shallower waters of the North Sea, fixed platforms have been the preferred solution at ongoing projects including Statoil-operated Gudrun and Valemon. At other sites, FPSOs have come out on top. UK player BG Group has just handed Teekay Petrojarl and Samsung a letter of intent for a newbuild FPSO on its North Sea Knarr field (formerly named Jordbaer), and may also hire an FPSO for the smaller Bream discovery.

Teekay is also a contender for Bream, where it has proposed using the existing Petrojarl FPSO, currently employed at the declining Glitne field.

Also in the North Sea, Det Norske Oljeselskap is weighing its options for Draupne, as is Statoil at the Dagny discovery. These fields lie in a well-developed area with water depths of

FLOATERS

Goliat FPSO

about 110 metres, allowing for both fixed and floating solutions. Close to Draupne, Swedish independent Lundin also considered a floater on Luno, but is now understood to be leaning towards a fixed platform solution, according to industry sources. The company is also operator for one of last year’s largest discoveries at the nearby Avaldsnes prospect, which may become a stand-alone development. Farther north, Statoil is looking at a floater or spar option for Luva, which lies in remote and deep waters in the Norwegian Sea. The production unit for Luva will have to handle a harsh environment, but will only need about 160,000 barrels of storage capacity as the field consists mainly of gas. While discoveries in mature areas are increasingly developed

as tie-backs to platforms with spare capacity at ageing fields, finds in frontier areas with little infrastructure are the FPSO candidates of the future.

One such project could be Statoil’s recent Skrugard oil discovery in the Barents Sea, which lies about 200 kilometers from shore. Skrugard has boosted expectations for the Barents Sea, where the only two developments so far are Goliat and the subsea Snøhvit gas field. Rising exploration activity in this area off northern Norway means more opportunities for harshweather floaters could emerge in the years ahead.

This article is reprinted with kind permission from ‘Upstream’. It first appeared in the May 20, 2011 edition of said newspaper.

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Workfox’s Keesjan Cordia’s Optimism Proves Catching Dockwise sat down with Keesjan Cordia (37), Workfox’s Managing Director since 2005, at Workfox’s head offices in Hoofddorp (near Amsterdam). During the interview, there was no talk of retrenching in view of today’s tough economic times. On the contrary, Keesjan Cordia’s rock-solid belief in Workfox underpins the importance of steering steadfastly through tough economic times and distilling opportunities while putting paid to fears of what a recession may bring.

After a, roughly speaking, seven-year detour that saw him work at Wijsmuller (IJmuiden), at an oil company in London and at Workships respectively, Keesjan Cordia took the plunge, and with a little prodding from Cordia Sr. took over the reigns at Workfox back in 2005. At that time, Workfox counted no more than seven employees at its head office in Hoofddorp and approximately 40 offshore employees. In 2011, the company boasts nearly 50 employees at its head office and 350 offshore employees. “That constitutes considerable growth from any angle,” Keesjan Cordia happily points out. We nod in agreement. Despite the global economic crisis that started in 2008, Workfox nonetheless

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secured a considerable number of lucrative contracts in 2010 and refuses to subscribe to doom scenarios that economists and politicians alike are spelling out for us with regard to 2011 and 2012.

Invest rather than retrench Workfox’s Seafox fleet features six selfelevating accommodation and maintenance support units that are built to operate in extremely harsh environments, such as the southern North Sea area. The flexibility of the units coupled with efficiency ensures a considerable competitive edge.

Add to that the state-of-the-art Seafox 5 - a self-propelled installation jack-up vessel scheduled for delivery in the third quarter of 2012 - and it becomes clear that Workfox is resolute to stay the course no matter what the future may bring. In that respect, Workfox echoes Dockwise’s course of investing rather than retrenching - the Dockwise Vanguard is scheduled for delivery in the fourth quarter of 2012 - in a less than flourishing global economy. The Seafox 5 is “the new kid on the block” as its hybrid features will see it garner contracts from both oil and gas companies as well as from the offshore wind energy sector. The Seafox 5 is well equipped to service the offshore wind energy market with its heavy-lift crane (1,200 mt hoisting capability) that

HEADERCURSIEF

“ We highly value the cooperation between Dockwise and Workfox.

Commercial and technical discussions are always constructive, with an open and honest mindset to realize the best outcome.”

Jacqueline Kuil, Senior Sales Manager at Dockwise

allows it to install wind turbines and heavy foundations. “We would like to see our Seafox 5 play a modest role in gently nudging the Dutch government into increasing its stake in the renewables sector. We are trailing other European nations despite the fact that our home-grown offshore expertise is spectacular to say the least,” Keesjan Cordia comments.

Seafox 5: state-of-the-art, self-propelled installation jack-up vessel Although Workfox has grown considerably since 2005, Keesjan Cordia admits that this year’s economic reversal has “made me think about growth and when it stops being a sustainable goal”. When encouraged to elaborate on this, his surprisingly conservative views on financing surface. “From the very beginning, our policy has been to not raise the 70 percent financing ceiling. Although we are being patted on the back for this wise policy in view of the current economic crisis, we have, in fact, adhered to it from the very beginning,” Keesjan Cordia remarks.

A little Cordia wisdom regarding financing seems to go a long way as Workfox has been able to attract an additional investor - NPM Capital - in 2009 who now holds a 35 percent stake in Workfox. Workfox’s steadfast course, no doubt, has a lot to do with its Advisory Board that comprises three gentlemen - Ben Vree, Wim van Aals and Dirk van der Lely -

whose maritime antecedents undoubtedly assist Workfox’s management in making the right choice at the right time. The Advisory Board convenes four times a year on the Isle of Man where Seafox has its headquarters. The Board Members advise Workfox’s management on topics ranging from its remuneration policy, sustainability and to where Workfox’s head office should move next as its current headquarters prove too small.

Growth versus sustainability Keesjan Cordia is not adverse to answering questions regarding his own position at Workfox, which shows that his generation is not afraid to tackle a topic that is discussed in boardrooms of most multinationals. On the topic of how long a managing director in general should hold on to his or her position, he voices his honest opinion: “I believe it is important to finish a job properly and remain at the helm so long as our employees and Advisory Board are of the opinion that I’m doing a good job,” comments Keesjan Cordia. He has now entered his sixth year in office.

Invest wisely and stay the course Despite today’s depressed global economy, Workfox has been able to secure a number of solid contracts for 2012. “I’m convinced that when you dare to invest wisely when the economy is down, your potential customers will seek you out, as investing equals confidence,” reassures Keesjan Cordia. Who would disagree with that?

“ Dockwise is well known for its expertise and track record in the Heavy Transport industry and we need to rely on that expertise during such “special” transports. Reliability is based on knowing the other party will execute and deliver the work according to the standards and expectations you have. That is the basis for a sustainable working relationship. I know Dockwise delivers.”

Keesjan Cordia, Managing Director at Workfox DOCKWISER Page 29

The new Dockwise Vanguard:

From the Dr to the Real Who decides when a new type of vessel is required? The preceding question solicited an interesting answer from Michel Seij, Manager Engineering at Dockwise, who has been involved in the Dockwise Vanguard super vessel’s design project from the very beginning in 2010: “Upcoming projects decide if or when the time is right to build a new type of vessel”. Michel Seij outlines in detail how the new super vessel was designed and why there is “no bow in sight”.

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PASSION

awing Board Thing When Michel Seij joined Dockwise in 2001 as a junior engineer (and as a recent naval architect graduate from the University of Delft), his passion for sailboats had materialized in his actually building a sailboat himself. Seij now forms part of Dockwise head office’s team that includes Ronald Goetheer, Dockwise Vanguard’s new-build Project Manager, and Hans Leerdam, the dedicated Sales Manager. Fast forward to 2011: the steel cutting phase has begun in September of this year and

Dockwise’s onsite team at Hyundai Heavy Industries yard in Korea now will see the Dockwise Vanguard constructed before their very eyes: a sight to behold, no doubt.

“The idea of a new type of super vessel had been pitched off and on within Dockwise before certain projects necessitated a serious brainstorm meeting at the beginning of 2010,” according to Seij.

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Michel Seij

Design Basis and Sample Cargoes based on a maximum carrying capacity of 110,000 tons: › Ultra heavy floating production unit › Floating Production, Storage & Offloading vessel (FPSO) › Semi-submersible drilling rig › Jack-up drilling rig › Enlarged Truss SPAR

The Dockwise Vanguard’s Main Dimensions › Length: 275 m › Width: 70 m › Depth: 15.50 m › Open deck length: 275 m (overhang on both stern and bow) › Asymmetric accommodation super structure Page 32 DOCKWISER

When the bowless design idea was dropped with Deltamarin’s designers in Finland in 2010, the very first drawings of the Dockwise Vanguard were produced with Michel Seij and Rob Strijland present during the brainstorm meeting in Helsinki. A bowless design means that the crew’s accommodation would have to be built on the extreme starboard side of the vessel together with the lifeboats structure. “The design allows for large amounts of water to flow along the entire deck of the vessel without there being any chance of water entering the confines of the Dockwise Vanguard,” Seij explains. In short, in spite of the absence of a bow, the vessel and its crew are safe. Given that safety is high on Dockwise’s agenda, a bulwark (a raised portion on a ship’s deck designed to serve as

PASSION

a barrier) is included in the design in order to ensure future crews’ safety.

and progress until Hyundai Heavy Industries delivers the vessel in the fourth quarter of 2012.

bowless innovation The Dockwise Vanguard’s bowless design was put before Det Norske Veritas (“DNV”) for classification and approval as well as to the Netherlands’ government Transport and Water Management Inspectorate for registration. Their willing cooperation and experience respectively proved invaluable for Dockwise’s new super vessel design. The Dockwise Vanguard has been classified with a heavy lift ship notation.

The International Maritime Organization (IMO), will, in turn, be informed by DNV of the vessel’s specifics. DNV remains involved with the Dockwise Vanguard’s construction

From Type 0 to Dockwise Vanguard After an extensive tendering process that saw 10 shipbuilders being invited to submit their proposals, three yards ended up on the shortlist.

Hyundai Heavy Industries ultimately walked away with “first prize” and will deliver the new vessel in the fourth quarter of 2012. Much is expected of the Dockwise Vanguard, and given the fact that its capabilities has resulted in Chevron entrusting the transport of its Jack & St. Malo hull to our new addition, underlines that Dockwise’s engineering ingenuity, coupled with industry-accepted safety features, knows no bounds.

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PLATFORM BROKERS Platform Brokers was founded in 2001 and originally intended to develop the market of redundant offshore platforms for sale, refurbish and re-use in alternative locations. Although market potential seemed promising and parties were interested, unfortunately no significant deals were closed. A logical next step was focusing on the necessity to decommission, remove and dispose of these platforms at end of life. It turned out that there was very limited specialized knowledge and experience available among traditional operators and contractors for these kinds of activities.

This vacuum of knowledge and lack of experience

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provided Platform Brokers with substantial leverage to develop this opportunity into a successful, independent business.

The three partners, all with an extensive offshore background, have different specializations: Thor Sterker, Field engineer/construction manager (1954), Otto van Voorst, engineering manager (1949) and Jan Groot, Project Manager (1961). Examples of recent projects where Platform Brokers conducted either project management, cost calculation or advised on decommissioning are NW Hutton (BP), P15B (Amoco), and Brae B (Marathon).

Decommissioning

the unexplored stage for market players and regulators Dockwise talks to Jan Groot, partner at Platform Brokers, about the challenges and opportunities in the decommissioning market

Decommissioning market Although one may expect differently, decommissioning is a rather new industry that faces a lot of challenges and uncertainty in the decades ahead. Moreover, enormous financial interests are at stake. The global market is huge with around 10,000 platforms installed around the world since the 1960s, and very few are being decommissioned so far, even though the majority of these platforms are relatively small in size and can easily be removed.

On the other hand, the North Sea still holds many large complex platforms that are difficult and very expensive to remove.

The key guidelines regarding the integral removal of offshore structures has been agreed upon by 15 European countries during the OSPAR convention in 1997.

Jan Groot states: ´Governmental regulations

on the exact timing of removal remain vague and vary per region. These are roughly limited to “the one who owns it has to clean it up at end of life” without having to take hard deadlines into account.

This results in a situation where parties are able to remain in a state of denial regarding the problems they can face in the future.´ For example, the North Sea harbors around 500 platforms, of which a substantial number stopped producing.

Many also show low production with high maintenance costs and are expected to be dismantled in the near future. According to the UK DECC (Department of Energy and Climate Control), the forecasted costs for decommissioning and disposal of all the redundant structures in an environmentally acceptable and safe manner are already estimated in excess of 30 billion US dollars, for the UK only.

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Artificial reef

0

50

24

100

150

200

250

300

350

LARGE CONCRETE GRAVITY BASE STRUCTURES BETWEEN 150 AND 350,000 TONNES

36

3

MEDIUM SIZED STEEL PLATFORMS (WEIGHT BETWEEN 4,000 AND 20,000 TONNES)

45

FLOATING PLATFORMS

70

2

PLATFORMS IN THE NORTH SEA

LARGE STEEL PLATFORMS (WEIGHT OVER 20,000 TONNES)

SMALL STEEL PLATFORMS (COMBINED JACKET AND TOPSIDE WEIGHT UNDER 4,000 TONS

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400

377

1

traditional platforms consist of three parts 1. Sub sea parts (wells, concrete footage and pipelines) 2. Jacket / substructure 3. Topside

Decommissioning Obviously, these costs will increase even further if companies continue delaying their decisions on decommissioning and dismantling, due to deteriorating conditions of the structures involved.

What parts have to be decommissioned?

In general, all topsides and jackets have to be removed completely, the pipelines may remain (if buried) and the wells have to be closed off with a minimum of 3-level concrete plug to avoid future leakage. There are a few exceptions, as for example in the Gulf of Mexico; jackets may sometimes be toppled to create an artificial reef.

The main reason why companies delay deciding upon dismantling platforms is lack of governmental urge, high dismantling and disposal costs, and negative publicity.

Furthermore, it should be noted that there are stringent environmental and safety requirements that have resulted in large cost overruns in realized projects. Another shortcoming at this moment in the industry is the lack of decommissioning (the phase prior removal and disposal) knowledge on integral project management throughout the value chain.

According to Jan Groot, this last factor is crucial. “The only way to dismantle is by starting with an in-depth analysis, cost calculation and project preparation throughout the entire value chain in a step-by-step method.

This is the only way in which the owner can prevent surprises regarding budget and timing.”

Opportunities for Dockwise The most obvious part Dockwise could play in this industry is indeed related to the actual removal of large topsides via a reversed floatover operation. Nowadays, offshore platforms and structures are designed in such a way that they do not only serve well during their operational period, but are easy to remove at end of life.

According to Jan Groot, a possible strength of the Dockwise vessels in this context could be the ballasting capacity of the vessels.

“One could imagine that heavier jackets and topsides, which crane vessels may not be able

to lift, could benefit, since then, jackets could be lifted from the seabed via de-ballasting of the vessel, and topsides can be lifted off with dual vessel and/or barge concepts utilizing special designed lifting support frames. At the moment, this concept is still theoretical but studies prove that there are clear opportunities here. Especially in the North Sea, there are numerous jackets where new and creative solutions are required to solve this decommissioning challenge!” Dockwise has limited experience in the decommissioning of platforms. Of course, this is also due to the limited number of decommissioning projects performed. Large open deck vessels are well capable to assist with the decommissioning to transport larger and heavier modules and jackets, and the subsequent safe transport to other low cost regions for scrapping or refurbishment of subject structures.

Jaap Meij, Vice President Sales Offshore Projects at Dockwise states: “Platforms designed and built in recent decades have not been engineered in such a way that they can easily be dismantled at end of life. This creates high costs for decommissioning both now and in the future. Designing new structures should not only be based upon the best production performance, but ´affordable´ dismantling also requires a different perspective.

Dockwise helps clients with these challenges during the engineering phase of structures.”

OSPAR Commission

Commission for the Protection of the Marine Environment of the North East Atlantic In 1998, a binding decision was agreed upon between 15 European countries which set the rules for the disposal of offshore installations at the North East Atlantic. This decision prohibits dumping and leaving wholly or partly in place of offshore installations. The decision recognizes that there may be difficulty in removing concrete installations and the ‘footings’ of large steel jackets weighing more than 10,000 tons. Transportation pipes that are buried in the seabed may remain there in case of specific circumstances.

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Dockwise talks to the Stewart Group In the maritime market, communication lines are open but there are multiple sources of information.

A wide variety of brokerage companies are active in this field of expertise. Given the number of channels, getting objective and valuable information to make the best decisions regarding demand and supply is complex and challenging.

This creates a clear market for independent players to connect the different companies around the globe in the shipping industry to clarify all crucial aspects. In recent years, Dockwise increasingly more often cooperates with intermediaries who offer their services.

An example of a company with which Dockwise has been cooperating in a constructive manner for a number of years now is Stewart Group from London.

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BROKER

Complementary distribution channels

in the maritime industry Dockwise talks to Mr. Adrian Goodger (1963), General Manager and Senior Partner at Stewart Group. He joined the company in 1981 as a shipbroker with solid commercial maritime experience. Whilst at Stewart, he actively participated in the global expansion of the group and its services.

STEWART GROUP Stewart was founded in 1922 in London by Mr. Samuel Stewart as a ship agency company involved in cargo chartering, ship management and sale & purchase. After the Second World War, it also offered salvage & towage services, which became the foundation of Samuel Stewart & Co. The other company within Stewart Group, Stewart Offshore Services, was founded during the 1960s, when exploration activities started in the North Sea, energy related brokerage became an important part of the business. During the following decades, both companies in the group developed successfully because of both separate and joint operations.

In March 2008, the entire company was acquired by RS Platou ASA - Norway, which enabled the team to expand its reach and offer services to a larger audience. Stewart Offshore Services is principally involved in offshore activities related to the oil & gas industry, construction, dive support, pipe lay etc. on

a global basis. Nowadays, approximately 20 employees in the global offices in London, Aberdeen, Accra, Cape Town and Houston work for Stewart Group. They have built a respected name and reputation amongst their clients.

RS Platou having acquired The Stewart Group Limited wanted to retain the brand name and expand upon its global activities and success.

The expansion of Samuel Stewart & Co is not surprising: brokers provide a vital service.

According to Mr. Goodger, the key role of brokers is to enable customers to trade their business with the broadest exposure possible. “Operating in so many locations and sectors, we are able to bring our clients intimate knowledge of local pricing, trends and opportunities which could benefit them both operationally and financially in the longer run.�

Brokers in current (maritime) markets The world economic situation is putting huge pressure on owners and operators in all areas.

Some projects are becoming marginal in terms of viability to the extent that a cautious approach to starting the project may well result in the project being shelved or temporized for the time being. This current economic situation results in challenging conditions for brokers as well.

Although the traditional situation for major companies is to try working without intermediary

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B-312 Jack Up Rig

companies, clear advantages can arise. Even though the current market is highly competitive, if a broker is able to create added value for the clients, they are able to stand out, even for large companies. Numerous oil majors have adopted a stance of preferring to award, usually to a single brokerage house, a procurement contract. This means that they channel the majority of, or all their marine procurement requirements through that source.

Stewart Offshore Services has gained that preferred supplier role with a number of major oil companies such as BHP and Hess, and serves them with the majority of their maritime demands.

According to Mr. Goodger, many companies struggle with the current economic situation.

For some newer players, who have invested in new-built equipment with presumably high debt funding, periods of sustained low income, high competition, and lower than anticipated utilization will take their toll. It is realistic to expect some financial casualties. One sector that is vulnerable is that of tug & offshore owners, but one or two smaller rig owners may also enter the danger zone, if this trend continues in the foreseeable future.

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Brokers and Dockwise As mentioned before, companies with major products or services, complex contract negotiations, a limited number of major clients and intense business relations, often have strong preference for and focus on direct commercial contacts. In many situations, this leaves limited space for brokers. In the past, Dockwise also put emphasis on direct business relations.

According to Mr. Goodger, this has changed dramatically over the past five years. To qualify that statement: “Before, Dockwise was a difficult organization to approach and often shunned brokers approaches, numerous times we would try to offer business opportunities for which we were never able to secure an offer. Today, Dockwise is a vastly different organization, we now find a very approachable company, willing to embrace and work with brokers, giving opportunities to develop business for mutual benefit, a very refreshing change.” Dockwise’s change in focus has led to more opportunities for cooperation in the past few years.

Mr. Sander Bikkers, manager Sales Heavy Marine Transport of Dockwise explains this change in focus: “We are convinced that direct and indirect project development are complementary and can

BROKER “ Personally, I enjoy getting up in the morning and coming into the office, each day usually brings a new challenge, potentially a new client and often a new project to work on.”

Adrian Goodger

create strong synergy. Of course, if a project is very complex, it is more likely that the client and the transport company have direct contact. However, Dockwise highly values the role of brokers to serve clients with information related to the capabilities of our vessels and the services to be provided. In this market cooperation, between our sales team, our agents and brokers around the world deliver the ultimate results for our clients. Enabling brokers to realize contracts is something which we strongly encourage.”

Mr. Goodger is very clear about the current role of Dockwise in the Heavy lift Market: “Dockwise is still the major player in this sector and for the foreseeable future it is likely to dominate the ultra-heavy lift market with the construction of the Dockwise Vanguard. Perhaps the major advantage that Dockwise still retains over all the others is fleet flexibility and the ability to swap vessels to suit Charter’s needs. Of course it is not a unique selling point, but it certainly helps when selling the concept to a potential client giving some additional reassurances on availability and timing. We have seen a very recent example of that very scenario, in the current job we have underway, the original transport of the “B-312” was earmarked for the Dockwise Transporter, but

due to weather delays on her current voyage, Dockwise was able to switch vessels and make the Dockwise Black Marlin available at short notice and within the desired load window for the client.”

According to Mr. Goodger the heavy lift market is an infinitely smaller marketplace, where the luxury of choice is severely reduced and in one or two cases there is no choice at all, for example regarding the Dockwise Blue Marlin. Decisions can therefore be either much simpler just because of the availability or timing; however, decisions can also be much more awkward due to a lack of availability or higher than anticipated cost.

Mr. Goodger ends with saying: “We support the current strategy of Dockwise and value the support provided to us during projects, but our independency as a broker will always be our leading indicator. Alternatives to our clients are presented as clean as possible with all customer relevant criteria such as safety, vessel availability, track record and of course the price quoted. We hope Dockwise continues its current route and expect a sustainable and fruitful cooperation for the foreseeable future.”

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see A World of Opportunities

www.dockwise.com/vanguard

MASTHEAD The Dockwiser is a publication of the Dockwise Group. For more information, please contact communication@dockwise.com, www.dockwise.com, +31 (0)76-5484100 project management & editing: Marco van der Hijden and DaniĂŤlle Biermans Art Direction/Realization: The Key Agency Contributors: Beate Schjolberg, Upstream Printed by: Broese & Peereboom Worldwide offices The Netherlands, the United States, China, South Korea, Australia, Brazil, Singapore, Russia, Nigeria, Mexico and Malaysia.

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