BREDA, THE NETHERLANDS--(Marketwire - Jul 4, 2012) - Today Dockwise has, through its wholly-owned subsidiary Dockwise White Marlin B.V., requested the Rotterdam court for authorisation to convene an extraordinary shareholders meeting of Fairstar Heavy Transport N.V. ("Fairstar") to appoint three independent directors to the Fairstar Supervisory Board in addition to the two current members.

As announced previously Dockwise has on various occasions proposed to Fairstar to discuss the appointment of three new and independent Supervisory Board members. Dockwise has proposed three highly qualified professionals with relevant experience for Fairstar, who are independent from Dockwise and independent within the meaning of the Dutch Corporate Goverance Code. Fairstar has consistently rejected this proposal and refused to meet with the proposed candidates. Dockwise holds that it is important that the Fairstar Supervisory Board is at full strength to ensure adequate independent supervision on behalf of Fairstar and all its stakeholders and to comply with the Fairstar articles of association.

As a result of Fairstar's unwillingness to discuss and follow-up on the governance proposal of Dockwise, Dockwise was required to make the request to the court. However, Dockwise has urged Fairstar again to reconsider its position, also in view of the current shareholding of Dockwise. After yesterday's announcement that Dockwise controlled 80.4% of the outstanding shares of Fairstar, Dockwise made some additional purchases and now controls a 83.4% stake in Fairstar.

About Dockwise Ltd./Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200 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 also has three additional engineering centers in Houston, Breda and Shanghai, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 19 purpose built, semi-submersible vessels.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext Amsterdam under ticker DOCKW.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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Source: Dockwise Ltd via Thomson Reuters ONE

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