SOURCE: Dockwise Ltd

February 27, 2009 01:43 ET

2008: strong financial performance and company transformed

HAMILTON, BERMUDA--(Marketwire - February 27, 2009) -


Dockwise realizes 61% EBITDA growth as forecast New vessels and capex program complete fleet of 20

Hamilton, Bermuda, 27 February 2009, DOCKWISE Ltd., Q4 and full year 2008 results.

Financial highlights Q4
*     Revenue up 61% to USD 135 million (Q4 2007: USD 84 million)
*     Adj EBITDA*** up 99% to USD 72 million (Q4 2007:USD 36 million)
*     Operational cash flow up to USD 98 million (Q4 2007: USD 16 million)

Financial highlights Full Year 2008
*     Adj revenue** up 50% to USD 495 million (FY 2007: USD 330 million)
*     Adj EBITDA up 61% to USD 226 million (FY 2007: USD 141 million)
          o  includes USD 4.8 million proceeds from sale  of midship
             sections
*     SG&A expenses (USD 50 million) reduced to 10% of adj revenue (2007:
       13%)
*     Net profit USD 47 million (FY 2007: USD 76 million loss)

Strategic highlights
*     Dockwise transformed through organizational development and fleet
       expansion to 20 vessels
*     Fleet optimization program finalized:
          o  Expanded by  Triumph and  Trustee in  December 2008
          o  Divestment Q1 2009 of DE10 and DE12
*     Project management qualified to win and execute large scale projects
*     Flagship contracts in growth segments: Vyborg float over; Koniambo
       onshore industrial development

Backlog
*     Backlog for Dockwise Heavy Lift (DHL) of USD 388 million
         o  up 67% on Q4 2007 (USD 233 million);
*     Good growth in tendering for exceptional projects in line with
       Dockwise capability

Table 1: Key figures


                        delta Q4   (Amounts      YTD        delta YTD
     Q3     Q4      Q4  08 vs Q4   in USD         Q4 YTD Q4 08 vs YTD
  2008*  2008*   2007*        07   millions)    2008   2007        07

  101.3  135.4    84.1     60.9%   Revenue     456.6  290.1     57.4%
                                   Adjusted
                                   revenue
  110.9  145.1    94.2     54.1%   **          495.4  330.0     50.1%
   41.9   65.5    22.9    186.0%   EBITDA      201.1  104.5     92.4%
                                   Adjusted
                                   EBITDA
   48.4   71.7    36.0     99.4%   ***         226.4  141.0     60.5%
                                   Net
                                   profit /
    4.4   22.6  (20.2)      n.a.   (loss)       47.0 (75.8)      n.a.
                                   Adjusted
                                   net
                                   profit /
                                   (loss)
   10.7   28.8     2.5      n.a.   ****         73.5    6.7      n.a.

The financial statements have been prepared
in accordance with IFRS

* Unaudited
** Unaudited. Includes gross compensation for Mighty Servant 3 (YTD
USD 38.8 million and Q4 USD 9.7 million)
*** Unaudited. Includes net compensation for Mighty Servant
3 (YTD USD 25.3 million and Q4 USD 6.2 million; see
appendix) and includes gain on divestment mid-sections in
Q3 (USD 4.8 million).
**** Unaudited. Includes adjusted EBITDA and excludes
amortization backlog (USD 1.3 million)

Andre Goedee, CEO of Dockwise Ltd., commented:

"2008 was an outstanding year. We completed the transformation of our company while also delivering against demanding financial objectives. At the same time, we delivered our core services with the reliability and safety that our clients expect. In view of our transformed capabilities, I am encouraged to see Dockwise tendering successfully for an increasing number of projects.

The fourth quarter was the strongest quarter ever in Dockwise's history providing a stepping stone to 2009. Immediate generation of free cash flows will enable us to substantially decrease our net debt level in the current year and to de-lever our balance sheet."

A teleconference for analysts and investors following the presentation of Q4 and full year 2008 results will be conducted on 27 February 2008, at 14:00 CET; 13:00 GMT (UK); The dial in number for the conference is +44 (0)203 003 2666. The teleconference will be live audio-webcast on the Company's website www.dockwise.com. For following presentation only, the webcast is recommended. For remarks or questions you should dial in on the conference call.

For further information please contact:

Fons van Lith
Tel : +31 651 314 952/ +14415991818
fons.van.lith@dockwise.com

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