Dockwise
- New investment
- Location: Benelux
- Sector: Oil, Gas & Power
- www.dockwise.com
First investment
3i's Eurofund V invested €173m in January 2007 to enable the buyout and expansion of Dockwise.
Nature of business
A dutch-based marine contracting company focused on servicing the oil and gas industry with transportation and installation services. Dockwise owns and operates 15 semi-submersible vessels, and has a building program of six additional vessels to come on line by the end of 2008.
| Results to 31 December | 2006 (audited) $m |
|---|---|
| Sales | 252 |
| EBITDA | 102 |
Current trading
Performance in 2006 was better than expected due to higher net charter income. Market conditions at the end of 2006 and going into 2007 were favourable with strong demand for oil rig transportation particularly for those being built in Asia.
Developments since 3i invested
Dockwise was the first investment made by Eurofund V in January 2007. 3i's Oil, Gas & Power sector team is working closely with the Dockwise management team to implement the business plan. In April 2007 a successful refinancing of the business was completed, returning $64m to 3i and Eurofund V investors (3i: $36m). In May 2007 Dockwise merged with Norwegian OTC listed Sealift, generating proceeds of $264m for 3i and investors in Eurofund V, who retain a 29.5% holding in the combined group.
| 3i Group plc’s investment as at 31 March |
2007 £m |
2006 £m |
|---|---|---|
| Cost | ||
| Equity and loan | 65 | n/a |
| Directors’ valuation | ||
| Equity and loan | 65 | n/a |
| Equity interest | 49% | n/a |
| Income in the year | 2 | n/a |