SOURCE: Dockwise Ltd

August 17, 2009 02:42 ET

Dockwise Ltd.: Q2 2009: strong financial performance in quieter period

HAMILTON, BERMUDA--(Marketwire - August 17, 2009) -


On course for full year expectations

DOCKWISE Ltd. announces second quarter and interim 2009 results.

Financial highlights

*          Revenue up 2% to USD 119 million (Q2 2008: USD 116
           million)
*          EBITDA up 19% to USD 58 million (Q2 2008 USD 49 million)
*          Adj EBITDA** up 9% to USD 60 million (Q2 2008:USD 55
           million)
*          Net profit up 35% to USD 17 million (Q2 2008: 13 million)
*          Operational cash flow USD 61 million (Q2 2008: USD 27
           million)
*          Net debt in H1 2009 decreased by USD 93 million to USD 910
           million through repayment, buyback and cash flow growth

Strategic highlights

*          Announcement of plans to acquire Yacht Path International
           for merger with DYT to create strategic new force in global
           yacht transport
*          New sales office opened in key industry centre Singapore
*          Decision to relocate corporate HQ to Breda, The
           Netherlands
*          Mighty Servant 3 returned to service in August
*          Commenced milestone USD 35 million CPOC float-over
           contract

Backlog

*          Backlog for Dockwise Heavy Lift of USD 367 million (Q1
           2009: USD 407 million)
             o   USD 50 million added for 2009 execution since period
                 end
             o   USD 188 million in backlog for 2010 execution
             o   Steady tendering levels for all types of contract

Table 1: Key figures

+------------------------------------------------------------------------+
|        |        |       |        |Key figures |       |       |        |
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |(Amounts in |       |       |        |
|        |        |       |        |USD         |       |       |        |
|        |        |       |Q2 09 vs|millions,   |       |       |H1 09 vs|
| Q1 2009| Q2 2009|Q2 2008|   Q2 08|unaudited)  |H1 2009|H1 2008|   H1 08|
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |            |       |       |        |
|--------+--------+-------+--------+------------+-------+-------+--------|
|   127.2|   118.7|  115.9|    2.4%|Revenue     |  245.9|  219.9|   11.8%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |Adjusted    |       |       |        |
|   136.7|   121.9|  125.7|  (3.0%)|revenue *   |  258.6|  239.4|    8.0%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|    66.1|    58.0|   48.9|   18.6%|EBITDA      |  124.1|   93.7|   32.4%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |Adjusted    |       |       |        |
|    72.2|    60.1|   55.2|    8.7%|EBITDA **   |  132.3|  106.3|   24.4%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|    27.3|    17.0|   12.6|   35.3%|Net profit  |   44.3|   20.0|  121.5%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |Adjusted net|       |       |        |
|    33.4|    19.2|   19.4|  (1.4%)|profit ***  |   52.6|   34.0|   54.8%|
|--------+--------+-------+--------+------------+-------+-------+--------|
|        |        |       |        |            |       |       |        |
|---------------------------------------------------------------+--------|
|---------------------------------------------------------------+--------|
|The financial statements have been prepared in accordance with |        |
|IFRS                                                           |        |
|---------------------------------------------------------------+--------|
|* Includes gross compensation for Mighty Servant 3 ( USD 3.2   |        |
|  million and 2008 USD 9.7 million)                            |        |
|---------------------------------------------------------------+--------|
|** Includes net compensation for Mighty Servant 3 (USD 2.1     |        |
|million and 2008 USD 6.3 million; see appendix), gain on       |        |
|divestment DE12 (USD) 1.9 million)                             |        |
|---------------------------------------------------------------+--------|
|*** Includes adjusted EBITDA and excludes amortization backlog |        |
|(USD) nil and 2008 USD 0.5 million)                            |        |
+---------------------------------------------------------------+--------+


André Goedée, CEO of Dockwise Ltd., commented:

"Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational performance has allowed us significantly to deleverage the business by nearly USD 100 million in the first half of 2009, and we continue in our efforts to strengthen the balance sheet. Stringent cost discipline and a stop on hiring of new personnel is and will be continued.

Dockwise's global spread has given us access to business wherever it has emerged, while utilization rates of over 90 per cent have sustained a healthy EBITDA margin and strong cash generation. With rig transportation levels lower than in recent record periods, the growing significance of our non oil-and-gas-related business to the revenue mix is apparent. Contractual delays, as previously indicated, continue to be an influencing factor, but we are encouraged to see no slow down in tendering activity.

We are greatly encouraged by the support we have received from clients as we develop our business, particularly in respect to our services in risk areas such as Nigeria and the Gulf of Aden. As always, the safety of our crew and their cargoes are our highest priority, and we are encouraged to see concerted international action to police the waters off the Horn of Africa."

A teleconference for analysts and investors following the presentation of Q2 2009 results will be conducted on 17 August 2009, 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


Full press release Q2 2009: http://hugin.info/137711/R/1335070/317173.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.



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