The Netherlands: Dockwise to Focus on High Profile, High Value, Float-over Projects


DOCKWISE Ltd., today publishes unaudited results for the three month and half year period ended 30 June 2010.

André Goedée, CEO of Dockwise Ltd., commented:

“On a quarterly basis, Dockwise has made steady progress in difficult conditions since last summer. We now see encouraging signs across our markets, with prices stabilising and a slight rise in utilisation rates. The commencement of the final execution phase of the Vyborg project, a contributor to revenues since its award in 2008, has affirmed our strategic decision to focus on high profile, high value-addition, float-over projects. Tendering for such assignments, as far ahead as 2015, continues apace.

Dockwise has played its part in helping to alleviate the Gulf of Mexico crisis, deploying the Mighty Servant 3 on skimming duties. While there will be implications for many in the energy industry stemming from this accident, I do not expect any impact, adverse or beneficial, on Dockwise.”

Financial highlights Q2 2010

* Revenues of USD 112 million (Q1 2010: USD 95 million);

* EBITDA of USD 48 million (Q1 2010: USD 31 million);

* Operating margin of 43% (Q1 2010: 33%);

* Net profit of USD 4.9 million (Q1 2010 net loss of USD 3.4 million);

* Accelerated depreciation (USD 6 million) of MV Enterprise ahead of disposal;

* Operating cashflow of USD 30 million (Q1 2010: USD 33 million).

Strategic and operational highlights

* First of two float-overs for Vyborg Project in Korea;

* Appointed manager of COOECs’ 50,000 metric ton Type II “new build”;

* Divestment of MV Enterprise for completion in Q3;

* Q2 Vessel utilization of 75% (Q1 2010: 71%);

* Strong cost control reducing H1 SG&A by 15%;

* Reduction in H1 of net debt from USD 641 million to USD 618 million;

* Feasibility study for new “Type 0” (larger than Blue Marlin) semi-submersible vessel

– service capacity to further strengthen market position

– potential equity raise of USD 50-100 million subject to business case

Backlog

* Q2 2010 backlog of USD 389 million (Q1 2010: USD 366 million):

* USD 136 million for execution in 2010 (USD 109 million at end Q2 2009 for execution in 2009);

* USD 126 million for execution in 2011 (USD 188 million at end Q2 2009 for execution in 2010);

* USD 92 million for execution in 2012 (USD 39 million at end Q2 2009 for execution in 2011);

* USD 35 million for execution beyond 2012;

* Post Q2 almost USD 45 million new contracts secured for backlog.

Source: Dockwise, August 12, 2010:

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