SOURCE: Dockwise Ltd

February 29, 2008 09:03 ET

Dockwise clarifies full year 2008 Guidance

HAMILTON, BERMUDA--(Marketwire - February 29, 2008) - Further to the press release on full year 2007 results, issued on 27 February 2008, André Goedée, Chief Executive Officer, Dockwise Ltd., commented:

"Dockwise has reported a strong set of operational results for 2007, and I'm pleased to report that the transformation of the business, outlined at IPO is progressing according to plan. I can confirm that it continues to be our intention to deleverage the balance sheet, over time. To that end we have set a target gearing level below 3 (debt/EBITDA) by the end of 2009.

Our markets, and the prices we can command, continue to be robust - and in our view will be so for the foreseeable future. While it is still early in the year, the Management is of the view that we can deliver at least 60 % increase in Adjusted EBITDA representing a step forward on the excellent performance we achieved in 2007."

About Dockwise Ltd./the Dockwise Group

Dockwise Ltd. has a workforce of more than 1200 people 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 of extremely heavy offshore platforms. The group is headquartered in Bermuda with amongst others operational offices in Breda, The Netherlands. The group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has offices in France and Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Argentina, Australia and Italy.

To support all of its services to customers, the group includes three engineering centers in Houston, Breda and Shenzen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 22 purpose built semi-submersible vessels of which currently 17 are operational and 5 will become operational during 2008.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK.

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This document contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements, contained in this document, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly from any anticipated development. Neither the Company nor any of its subsidiary undertakings nor any of its officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does any of the foregoing accept any responsibility for the future accuracy of the opinions expressed in this document or the actual occurrence of the forecasted developments.

No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary undertakings nor any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. _____________________________________________________________

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Copyright © Hugin AS 2008. All rights reserved.

Contact Information

  • For further information please contact:
    Fons van Lith
    Tel : +31 (0)76 5484116/+31 (0)6 51314952

    Jacqueline van den Bergen
    Tel : +31 (0)76 5484253/+31(0)6 22448435