The decision is subject to approval by shareholders to authorize a proposed $100 million rights issue to partly finance the investment.
Dockwise said it has been studying the feasibility of investing in a new semi-submersible mono-hull vessel, bigger than its current largest vessel, the Blue Marlin. That ship in 2000 carried the USS Cole from Yemen to the United States after the warship was damaged in an Al-Qaida terrorist attack.
The new heavy lift ship would have a capacity of more than 100,000 metric tons, a deck size of 275 by 70 meters, and have an unusual bowless design. The company said it has applied for a patent on the ship and it is negotiating with shipyards for its construction.
Dockwise said it would be a first for the maritime transport industry and is expected to require a total investment of about $200 million.
The company said the majority of its revenues come from the oil and gas industry and that “current trends for projects and equipment in this industry are distinctly towards greater scale and size.”
“We have determined that there is a growing desire to develop larger structures for the deepwater development of hydrocarbons and we have determined this investment to be key to support our clients, oil companies, engineers and the yards, in this trend in the next decades,” said Andr' Goed'e, Dockwise’s chief executive officer.
