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Executive Report Message from the Chairman Message from the CEO: Our Performance in 2011 Our 2011 Environmental, Safety, Health and Security Performance Our 2011 Governance, Compliance and Risk Management Performance Our 2011 Operational Performance Our 2011 Financial Performance   |  Who we are Our History and Development Our Profile Our Strategy Our Values and Principles Our Management and Accountability Our Resources: People, Assets and Capital Our Products, Services and Markets Our Company Structure Our Competition and Competitive Strengths Our Key Figures Norwegian Code of Practice   |  Consolidated Financial Statements Consolidated Income Statement for the Year ended 31 December 2011 Consolidated Statement of Comprehensive Income for the Year ended 31 December 2011 Consolidated Balance Sheet as at 31 December 2011 Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Notes to the Consolidated Financial Statements   |  Company Financial Statements Company Balance Sheet as at 31 December 2011 Company Income Statement for the Year ended 31 December 2011 Notes to the Company Financial Statements   |  Other Information Appropriation of result as provided for by the Articles of Association Group Companies Independent Auditor's Report

Message from the CEO André Goedée says: "The fragile economic recovery that we observed in 2010 has not persisted. The debt crisis, especially the subsequent effects on the Euro region, has pushed large parts of the world into recession and economic uncertainty. Where the stable oil price has not slowed down investments in the energy sector, the slowdown in GDP has paralyzed world trade..." Read more >> Analysts coverage Expected EBITDA levels of over USD 180m as of 2013. Edwin de Jong, SNS Securities For Dockwise, we expect better utilization rates in the heavy transportation spot market. Erwin Dut, Kempen & Co Positive view on Dockwise. Jørgen Andreas Lande, NER Dockwise is a well managed company doing the right steps in a difficult market. Quirijn Mulder, ING 2012-2015 should be 'Dockwise's years'. Tom Ackermans, Barclays Capital Dockwise is ready for the big leap forward. Marc Hesselink, RBS

Performance Highlights 2011 Revenues of USD 399 million see Our Key Figures EBITDA of USD 134 million Net loss of USD 33 million Adjusted net profit of USD 2 million Fleet utilization of 68% based on 365 days (maximum is 90%) More highlights Share performance Euronext Oslo Stock Exchange PDF 'Annual Report 2011' Create your personal report In this section of the website you can select those sections of the Annual Report that you deem interesting. With a simple click you then create your own PDF, suitable for printing, storing or e-mailing. Combine your personal preferences with saving ink and paper. PDF 'Presentation for Investors' Previous Interactive Reports Half-Year Report 2011 Annual Report 2010 Half-Year Report 2010 Annual Report 2009 Download the PDF 'Dockwise Annual Review 2011' In the review you will find achievements, strategy, financials, interviews and various 2011 highlights. Single page version Spread version Projects New Super Vessel Animation The Amazonia Project The Endeavour Project