Dockwise secured approval from shareholders Nov. 23 for a $106 million share issue to help pay for the construction of a giant vessel with a lifting capacity of more than 100,000 metric tons.
The Netherlands-based heavy-lift shipping company will issue around 4.6 million new shares priced at $22.95 each to raise more than half the estimated $200 million cost of the “Type O” ship.
Four major shareholders committed to buy shares not acquired by other stockholders.
Oslo-listed Dockwise said eight shipyards expressed interest in building the ship and it will visit the three short-listed companies in December.
The ship, with a 902-by-229-foot deck, will target the growing demand for ocean transport of extra large oil and gas equipment to deeper waters in more remote regions.
The vessel, which is scheduled for delivery in late 2012, already passed its tank tests.
Dockwise CEO Andre Goedee said the business model for the Type O ship is based on 2.5 journeys per year without return cargo, at a minimum $30 million per journey, giving an internal rate of return of 15 percent.
The company outlined a fall-back scenario involving the conversion of existing Dockwise vessels at a cost of between $35 million-$50 million.
Dockwise’s largest ship at present is the 73,000-tons Blue Marlin.
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