Dockwise Ltd – Project Holland Fonds actively supports the company in structuring and funding several transactions

project-holland-fonds dockwise-big-footDockwise is the global market leader in marine transportation and installation activities of very large and heavy objects, mostly for the oil and gas industry. Dockwise has a fleet of 25 semi-submersible transport vessels.

Project Holland Fonds (PHF) supported Dockwise by providing capital through several tailored transactions. PHF co-funded the balance sheet restructuring, as well as the take-out of the former largest shareholder. In addition, PHF funded the construction of the new transport ship 'Vanguard' and the acquisition of competitor Fairstar. PHF was actively involved in structuring these transactions and supported them by providing funding commitments and underwriting guarantees. After Boskalis had announced an indicative public offer for Dockwise, PHF publicly questioned the level of the bid. This was one of the reasons why the bid was raised. The acquisition of Dockwise by Boskalis was finalized in April 2013. 

 

October – December 2009: restructuring the balance sheet, acquiring 3i's equity stake and arranging a listing on Euronext Amsterdam

  • PHF played a highly active role in Dockwise's complex funding transaction. The company needed an equity reinforcement to normalize its balance sheet ratios. For this, a new share placement of USD 250M was offered. Three new parties, among which PHF and HAL Investments, successively entered via a direct share placement, committed to a follow-on placement and guaranteed the remaining part of the follow-on placement. In this way the new institutional investors and existing shareholders were able to participate in the share issue.
  • At the same time, the three new parties acquired all shares held by private equity-player 3i. 3i held 26.2% of the outstanding shares in Dockwise. The buyout took place at the same rate as Dockwise's share issue.
  • As part of the transaction Dockwise applied for a listing on Euronext Amsterdam, in order to increase the liquidity and visibility of its share.
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September – December 2010: funding the world's largest transport vessel ‘Vanguard’

  • In the fall of 2010 Dockwise plans to build the world's largest semi-submersible transport vessel, an innovative design that allows transportation of extremely large objects. With the vessel, market leader Dockwise is able to capitalize on the growing demand for transportation of very large and heavy objects.
  • To fund the USD 200M costs of the vessel, Dockwise launches a rights issue of USD 100M. Dockwise receives a guarantee for the entire issue from its three largest shareholders, among which PHF. The large shareholders pre-commit themselves to their pro-rata share of the equity issue. In addition, they provide a guarantee to take-up any remaining part of the rights issue of which the rights are not exercised.
  • Due to this shareholder guarantee, no further underwriting was required and shareholders also gave a strong vote of confidence to the market.
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April – August 2012: Dockwise acquires Fairstar

  • Dockwise announces a public bid on Fairstar Heavy Transport. Fairstar is a Rotterdam-based competitor with four transport vessels and has an interesting order portfolio for transports in the oil and gas sector.
  • Dockwise's acquisition of Fairstar strengthens its position as market leader in heavy marine transport and improved the balance between short-term and long-term assignments. The acquisition also optimizes the fleet composition.
  • To fund the bid Dockwise launches a USD 230-250M rights issue. PHF, along with HAL Investments and other large shareholders, pre-committed to subscribe to a part of the rights issue. In this way, a USD 234M commitment of the issue is guaranteed in advance.
  • On July 14, 2012 Dockwise owns 95% of the shares in Fairstar and the bid is supported by the Fairstar Board. The acquisition is completed late August 2012.
  • Read more about this transaction