Dockwise signed a $240 million contract with Hyundai Heavy Industries to build the world's largest heavy-lift vessel.
The Korean shipyard will deliver the ship, which will have a lift capacity of 110,000 tons, to the Netherlands-based heavy-lift shipping company, in the final quarter of 2012.
Dockwise said it will pay for the vessels in two installments of 45 percent in 2011 and 55 percent in 2012.
The company said the cost of the ship is fully covered by a recent $100 million stock issue and a revolving credit facility.
The "Type 0" vessel, which has a deck area of 902 feet by 230 feet, has already passed tank tests.
"Hyundai Heavy Industries' flexibility in new build design, together with its track record of on-schedule delivery and budget discipline were key deciding factors in the award of the contract," said Dockwise CEO Andre Goedee.
Dockwise's current largest vessel is the Blue Marlin with a lift of 73,000 tons. The company said it ordered the new ship, which features a bowless design, because the majority of its revenue is generated in the oil and gas sectors, where current trends for projects and equipment "are distinctly towards greater scale and size for premier projects."
Exploration and production are moving from shallow water in traditional areas to deep water and remote areas, boosting demand for larger, heavier equipment in single transportable modules.
"We have been particularly encouraged by clients' reactions since we announced this investment decision," Goedee said. "It is our expectation, based on latest discussions with clients, that we will surpass our initial revenue assumptions for the first year of operations."
Separately, Hyundai Feb. 7 announced it received an order for six container ships from an unidentified European shipowner. The contract is said to be worth around $800 million, or $133 million per ship, the current cost of vessels with capacities of 13,000 to 14,000 20-foot equivalent units.
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