Dockwise Ltd
oslo : DOCK

October 05, 2011 01:27 ET

Backlog Advances, Improved 2011 & 2012 Cashflows

BREDA, NORWAY--(Marketwire - Oct 5, 2011) - Dockwise today announces new contract wins and variation orders, revised payment terms for the Vanguard, and advances from certain clients. These factors, taken together, will materially improve the company's cash flows and working capital in 2011 and 2012.

New contracts and variation orders

New contract wins include the transportation of the Bigfoot semi- submersible platform for Daewoo/Chevron from South Korea to the Gulf of Mexico in 2012, and eight short term contracts for execution in Q3 and Q4 2011. Confidential variation orders, agreed with an undisclosed client, giving the client greater flexibility in their loading window whilst relinquishing them from existing commitments, will contribute to profits for Q3 2011, as well as add to backlog. Combined, these new contract and variation orders permit Dockwise to report a more than USD 55 million addition to backlog, distributed USD 20 million in 2011 and USD 35 million in 2012 and beyond.

Improved payment terms and advances

Dockwise has secured an adjustment to the payment terms and conditions for Dockwise Vanguard, under which the scheduled Q1 2012 payment will now fall due in Q2. At the same time revised terms will secure an increase in initial payments on a major contract. These advantageous changes will make a material contribution to FY 2011 and Q1 2012 cash flows and working capital.

Dockwise Chief Executive Officer, André Goedée, commented:

"We continue to sustain backlog at record levels, cementing Dockwise's leadership position in the Heavy Marine Transportation and Installation market, and we are confident we will continue to book successfully for the period 2012 and beyond.

As previously outlined, the company is in a period of migration from an environment driven by short term market factors to a more stable growth period characterized by longer term projects and better visibility. The new contracts, revised contractor and client terms will help smooth this transition and ensure that Dockwise meets its bank covenants for the foreseeable future.

Dockwise will publish Q3 results on November 11th 2011 (07:30 hrs CET). This is one week earlier than the previously announced date of November 18th 2011.


About Dockwise Ltd/The Dockwise Group

Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200, both offshore and onshore. The company is the leading marine contractor, providing total transport services to the offshore, onshore, and yachting industries, as well as installation services for extremely heavy offshore platforms. The Group is headquartered in Breda, the Netherlands. The Group's main commercial offices are located in the Netherlands, the United States, and China, with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico, and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Norway, Argentina, and Italy. To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda, and Shanghai, which manufacture specific motion-reduction equipment, such as LMU (Leg Mating Units) and DMU (Deck Mating Units).

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on NYSE Euronext, Amsterdam under ticker DOCKW. For more information, visit our website at www.dockwise.com

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and other applicable laws; and

(ii) they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Dockwise Ltd via Thomson Reuters ONE

[HUG#1552236]

Contact Information

  • For further information, please contact:
    Fons van Lith
    M: +31 (0)651 314 952
    T: +31 (0)76 5484 116
    E: Email Contact