BREDA, THE NETHERLANDS--(Marketwire - Jul 14, 2012) - Fairstar Heavy Transport N.V.
Dockwise Ltd ("Dockwise") today announce their agreement on the recommended
acquisition by Dockwise of the remaining shares in Fairstar. The exit to be
realized through purchases on the Oslo Stock Exchange for an amount of NOK
per Share for a period of four weeks from today (the "Exit"). The
Board and the Supervisory Board of Fairstar unanimously recommend the
shareholders to sell their Fairstar shares in the Exit.
Dockwise, through its wholly-owned subsidiary Dockwise White Marlin B.V.
"Company"), so far has acquired more than 95% of the shares of Fairstar.
The combination of Dockwise and Fairstar creates a global champion in the
transport and oil & gas service provider market. The combined business,
headquartered at Breda, with operating offices at Rotterdam, Houston and
Shanghai. The enlarged business represents a significant continuing
the Netherlands' maritime industry in global oil and gas services.
Dockwise and Fairstar have reached an agreement that satisfies Fairstar's
concerns towards all Fairstar Stakeholders. An integration plan has been
and all corporate governance matters have been resolved. Commitments have
made between the Boards of Dockwise and Fairstar that will facilitate the
involvement of Fairstar senior management in the integration process.
will convene an EGM to be held on 29 August 2012 to appoint three Dockwise
representatives to the Supervisory Board and two Dockwise representatives
Management Board. The current members of the supervisory board will resign
ultimately per the EGM. The current members of the Management Board Mr
CEO, and Mr Out,COO, will step down from the Management Board today. Both
Adkins and Mr. Out have agreed to remain available until the end of 2012 to
provide support and assistance for the integration. Messrs Robert Jan van
and Mr Erwin Hoogeveen will be appointed to the Management Board of
with full authority, as of today. Their appointment will be formalized at
After the Exit period, Dockwise and Fairstar will take the required steps
delist Fairstar from the Oslo Stock Exchange and Dockwise will initiate
statutory buy-out proceedings to acquire the remaining Fairstar shares and
obtain full control.
Dockwise's Chief Executive Officer, André Goedée, said: "Dockwise
is a proud
provider of the most innovative solutions for extraordinary scale
and installation projects for the oil and gas upstream and downstream
industries. Joining forces with Fairstar brings Dockwise an accelerated
position in valuable Logistics Management Services, a complementary set of
assets and a group of highly skilled employees. The integrated combination
enable Dockwise a more enhanced basis from which its strategic goals can be
achieved. Our market place is competitive, with rapidly evolving customer
demand. The combination allows us to advance our leading position and to
our customers with timely, innovative and professional solutions."
Fairstar's Chief Executive Officer, Mr Philip Adkins, said: " I would like
thank all of our Stakeholders for the support and trust they have invested
Fairstar during the time it is been my privilege to serve them as a member
the Fairstar Team. Our Team has built a valuable business in a remarkably
period of time. We have established a reputation with our clients for
exceptional customer service. We have demonstrated on countless occasions
our Team was steadfast in the face of challenges that could have easily
overwhelmed us. Our Team, including our Supervisory Board, has been
our commitment to all Stakeholders. We have reached an agreement with
that we believe fulfils our commitments. I am proud of our Team and what
represent. I wish Mr. Goedee every success and encourage him to inspire my
colleagues to achieve even higher standards of excellence in the years
Dockwise and Fairstar have both withdrawn all pending legal actions taken
towards each other in the last week. They have reached an Agreement that is
and final. It is no longer a matter for the Courts. Dockwise will publish
results on 14(th) August 2012 and will update the market at that point on
integration of the Fairstar business. The results will include Fairstar
as of 9 May 2012, the date Dockwise gained control of Fairstar.
About Dockwise Ltd./Dockwise Group
Dockwise Ltd., a Bermuda incorporated company, has a workforce of
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
platforms. The Group is headquartered in Breda, the Netherlands. The
main commercial offices are located in the Netherlands, the United States
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
Shipping network is supported by a global network of agents.
To support all of its services to customers, the group has engineering
in Houston, Breda, Rotterdam and Shanghai, manufactures specific motion
reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating
and owns a fleet of 23 (of which 2 under construction) purpose built,
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK-OS
on NYSE Euronext Amsterdam under ticker DOCKW-AE. Shares of Dockwise
Fairstar Heavy Transport N.V. are listed on the Oslo Stock Exchange under
This information is subject of the disclosure requirements pursuant to
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