The Dockwise Dutch advances an offer in order to acquire the compatriot Fairstar Heavy Transport



The Dutch Dockwise Ltd. he has announced to have signed, through the society integrally controlled Dockwise Wite Marlin, agreements for the acquisition of 54% about of the capital stock of the compatriot Fairstar Heavy Transport, society quoted to the Stock exchange of Oslo that work a fleet of four ships for the exceptional cargo transport.

Communicating the proposal, Dockwise yesterday it has specified that some of these agreements, that they are relative to 19% about of the capital stock, have become conditioned and will not be carried to term shortly, while the remaining agreements are subject to the approval of the actions for the financing of the operation of acquisition through the offer and the emission of new actions of Dockwise for a total value of about 230-300 million dollars, actions on which is called to pronounce the assembly of the shareholders summoned for next 9 May. Dockwise has explained that, with the green light of the assembly, it will give execution to the remaining agreements for the acquisition of the ulterior share quotas Fairstar let alone to a public offer in order to buy remaining sets in action cash of Fairstar to the unit price of 9,3 Norwegian crowns.

The surveillance council and board of directors of Fairstar has examined the offer of the Dockwise and has sped up the shareholders not to receive it as, second the managing organisms of the company, the price of 9,3 Norwegian crowns per.share underestimate remarkablly the value of the company. According to the two Board, moreover, the offer of Dockwise is of opportunistic character "and neglects a series of meaningful aspects of the activity of Fairstar, mainly the cost of the renewal of the fleet, the value of orderbook of the company and the reputation that Fairstar has known to obtain which supplier of services of marine transport of high value for relative projects to infrastructures in the field of the energy that they involve main energetic groups and society of EPC of the world". "Fairstar - it has specified the managing director of the companion of Rotterdam, Philip Adkins - has demonstrated to obtain remarkable success together putting a pocketbook orders of the value of about 300 million dollars with a modern fleet of four ships". Adkins has remembered, moreover, than in every single acquired contract Fairstar it has competed against the Dockwise and it has won. The managing director of Fairstar has concluded emphasizing that, after the presentation yesterday of the offer of Dockwise, "Fairstar is contacted by a sure number of shareholders who have communicated to us that they will not accept the conditioned offer and that they have sped up management to explore alternatives that will more give to the value of the company an adapted level".

Dockwise has a fleet of 19 ships between semisubmersible units and for the exceptional cargo transport. From part its managing director of Dockwise, André Goedée, has declared that "the proposal acquisition of Fairstar and integration of the their four ships in our fleet will remarkablly accelerate the steps ahead towards our strategic objectives. The increasing presence of Fairstar in the projects of the segment downstream, included activity of transport of modules LNG which Gorgon and Ichthys, are absolutely complementary with the current strengths of Dockwise in the market. The transaction remarkablly strengthens our ability to offer to the customers of the industry of the oil and the gas a service and different series specific of which they need. Of pairs importance it is the increase of the dimension of Dockwise, the strengthening of own patrimonial state and the ability to generate profits. An important step ahead - it has concluded Goedée - at the right time".

In the 2011 Fairstar it has recorded a net loss of 14,4 million dollars on revenues for 25,5 million dollars respect to a profit clearly of 228 thousand dollars on revenues for 35,7 million dollars in exercise 2010. EBITDA and EBIT have been both of sign negative respective for -5,5 million and -13,6 million dollars regarding positive results for 12,2 million and 4,2 million dollars in 2010.

Last year Dockwise has totaled a net loss of 33,5 million dollars on revenues for 398,6 million dollars respect to a profit clearly of 17,4 million dollars on revenues for 439,1 million dollars in 2010. EBITDA has been of 134 million dollars regarding 176 million dollars the operating profit is piled to 11,3 million dollars regarding 69,1 million dollars in 2010.