SOURCE: Dockwise Ltd

November 12, 2007 02:08 ET


HAMILTON, BERMUDA--(Marketwire - November 12, 2007) - DOCKWISE Ltd (DOCK, Oslo Stock Exchange), announced today its results for the first nine months of 2007, which ended on 30 September 2007.


Revenues increased 13.0% to USD 206.0 million (USD 182.2 million YTD Q3 2006)

Adjusted EBITDA* increased 43.9% to USD 101.1 million (USD 70.2 million in YTD Q3 2006)

Adjusted EBITDA margin amounted to 44.8% (38.6% in YTD Q3 2006).

Total order backlog DHL projects of USD 224 million (up 52.4% from Q2 2007).

Full listing on the Oslo Stock Exchange as of 2 October 2007.

Delivery of Yacht Express on 11 October 2007.

EBITDA Q4 2007 expected to be in line with Q3 adjusted for impact of Yacht Express

Appointment of Mr. M. Antal, Mr. T. Ehret, Mr. P.F. Tali, and Mr. D. McNease to the Board.

André Goedée, CEO of Dockwise Ltd, commented: "The third quarter's operational performance is consistent with performance in the first half year. The healthy mix of backlog commitments and new contracts concluded in this quarter confirm once again the strength of the Dockwise proposition to the market. Offering optimal flexibility, providing solutions when clients have delivery setbacks in combination with quality operations are the backbone of the continued strong financial performance."

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