Breda, The Netherlands, 8 November 2010, Dockwise Ltd. today publishes results for the three month period ending 30 September 2010.

Financial Highlights Q3 2010

• Revenues of USD 109 million (Q2 2010: USD 112 million);
• EBITDA of USD 46 million (Q2 2010: USD 48 million);
• Operating margin of 42% (Q2 2010: 43%);
• Net profit of USD 13 million (Q2 2010: USD 5 million after USD 6 million non- recurring depreciation on MV Enterprise);
• Operating cash flow of USD 45 million (Q2 2010: USD 30 million).

Strategic and Operational Highlights

• Commenced Koniambo logistics management contract;
• Sustained level of rig transports (6 jack- ups and 3 semi subs in Q3 2010)
• Q3 Vessel utilization of 84% (Q2 2010: 75%);
• Reduction in Q3 of net debt from USD 618 million to USD 593 million (of which USD 10 million by means of debt buy back);
• Decision to invest in large scale semi-submersible vessel to supplement fleet
  - major shareholder support for USD 100 million capital raise;
• New Shanghai office consolidating all China operations in single HQ.

Backlog

• Q3 2010 backlog of USD 400 million (Q2 2010: USD 389 million):
  • USD 87 million for execution in 2010 (USD 72 million at end Q3 2009 for execution in 2009);
  • USD 125 million for execution in 2011 (USD 189 million at end Q3 2009 for execution in 2010);
  • USD 124 million for execution in 2012 (USD 47 million at end Q3 2009 for execution in 2011);
  • USD 64 million for execution beyond 2012 (USD 31 million at end Q3 2009 for execution beyond 2011);
  • Post Q3 2010 almost USD 20 million new contracts secured for backlog 2010

Table 1: Key figures

The financial statements have been prepared in accordance with IFRS.

* Includes gross compensation for Mighty Servant 3 (MS3) YTD Q3 2009 USD 12.7 million.

** Includes net compensation for MS3 YTD Q3 2009 USD 8.2 million.

*** Includes adjusted EBITDA, excludes non recurring finance income and costs relating to debt buy back and loan redemptions Q3 2010 USD 0.2 million income (YTD Q3 2010 USD 0.8 million income) and Q3 2009 USD 0.5 million costs (YTD Q3 2009 USD 0.5 million income) and excludes the (non-cash) loss on the divestment of the MV Enterprise in Q2 2010 USD 6.2 million.

André Goedée, Chief Executive Officer of Dockwise Ltd., commented:

"We have made encouraging progress in the third quarter, in operational, commercial, and strategic terms. Our operational teams have delivered healthy vessel utilization on both traditional and logistics management projects, such as Koniambo. The key parameters of our business are increasingly strong; backlog at USD 400 million is once again approaching record levels, and debt is now below the USD 600 million milestone.

The transport market for rigs and offshore installations has continued to evolve in line with the assessment we made in autumn 2009 when we re-structured the balance sheet. The Oil & Gas industry, which Dockwise serves, is in increasingly strong health and our own industry is at the start of a pronounced up-cycle. The management team has assessed how to expand the top end of our fleet to capitalize on the trend towards larger and more complex projects, together with strengthening the additional services Dockwise provides in installation and logistics. This has resulted in the decision to invest in a new, larger vessel. We have been particularly encouraged by the support from major shareholders and lenders for this  significant investment."

For further information please contact:

Fons van Lith

Tel : +31 (0)6 51 314 952 or +31 (0)76 5484116

fons.van.lith@dockwise.com

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)