Dockwise Ltd
oslo : DOCK

August 14, 2012 01:23 ET

Dockwise Ltd : Q2 & H1 Results 2012: Performance In-line; Continued Backlog Growth; Fairstar Acquired

BREDA, NORWAY--(Marketwire - Aug 14, 2012) - DOCKWISE Ltd. today publishes results for the three month and Half Year periods ended June 30, 2012.

Financial Highlights Q2 2012

* Revenues of USD 97 million (USD 120 million in Q1 2012);

* EBITDA of USD 28 million (USD 39 million in Q1 2012);

* Operating margin of 29% (32% in Q1 2012);

* Net loss of USD 8 million (Net profit of USD 9 million in Q1 2012);

* Cash flow generated from operating activities of USD 10 million (USD 35 million in Q1 2012);

* Issuance of USD 248 million ordinary shares and USD 50 million preference shares.

Financial Highlights first Half Year 2012

* Revenues of USD 216 million (USD 198 million in first half year 2011);

* EBITDA of USD 66 million (USD 64 million in first half year 2011);

* Operating margin of 31% (32% in first half year 2011);

* Net profit of USD 1 million (adjusted net loss of USD 1 million in first half year 2011);

* Cash flow generated from operating activities of USD 45 million (USD 64 million in first half year 2011).

Strategic Highlights Q2 2012

* Acquisition of Fairstar Heavy Transport N.V. for USD 90 million (60.4%):

* Creates strategic position in Logistics Management Services;

* 30% addition to current and long term backlog;

* Four vessels added to Dockwise fleet, with fifth vessel under commission;

* Accommodates fleet rejuvenation;

* Initiated buy out and delisting procedures following control (99%) as of July 2012.

Commercial Highlights Q2 2012

* HYSY 278 successfully delivered first Dockwise cargo;

* Total rig transports of 15;

* Contract awards of USD 109 million in Q2 2012 include:

* Hebron topside transportation for Exxon Mobil;

* USA Big Dog Spar Buoy for BP.

Post Q2 2012 events

* Sustained bookings of short- term work and high- profile longer term projects:

* More than USD 35 million booked for execution in 2012 and beyond;

Backlog

Autonomous backlog at end Q2 2012 was USD 623 million (Q1 2012: USD 587 million) and USD 810 million including Fairstar as at 30 June 2012 excluding options on contracts:

* USD 217 million for execution in 2012 (USD 101 million at end Q2 2011 for execution in 2011);

* USD 287 million for execution in 2013 (USD 200 million at end Q2 2011 for execution in 2012);

* USD 306 million for execution in 2014 and beyond (USD 170 million at end Q2 2011 for execution in 2013 and beyond).



Table 1: Key figures
                       Δ                                      Δ
                        Q2 12          (x USD                       H1 2012
                Q1       vs Q1    Q2   1,000,000       H1       H1   vs H1
 Q2 2012      2012          12  2011   unaudited)    2012     2011     2011
-------------------   ---------------              ------------------------
                 .

    96.5     119.8     (19.3%) 109.2   Revenue      216.3    198.2     9.1%

    27.5      38.6     (28.9%)  35.1   EBITDA        66.1     63.6     4.0%

                                       Net profit
   (8.4) ( )   9.0 ( )    n.m.   2.6   / (loss)       0.6    (5.3)     n.m.

                                       Adjusted
                                       net profit
   (8.4) ( )   9.0 ( )    n.m.   2.6   / (loss)       0.6 ( )(1.1) (1) n.m.

(1)Excludes impairment on MV Explorer (Q1 2011)
 totalling USD 4.2 million.



                Q1                Q2                   H1          H1
 Q2 2012      2012              2011                 2012        2011
-------------------           -------              -------------------
                                       Basic
                                       earnings
 (0.283)     0.341             0.099   per share    0.021     (0.201)

                                       Adjusted
                                       basic
                                       earnings
                                       per
 (0.283)     0.341             0.099   share(1)     0.021     (0.042)

                                       Diluted
                                       earnings
 (0.280)     0.337             0.098   per share    0.021     (0.199)

(1)Based on Adjusted net profit/(loss)



André Goedée, Chief Executive Officer Dockwise, commented:

"After a steady first half in line with expectations, Dockwise looks ahead with optimism on all fronts. The Fairstar acquisition, which accelerates several strategic objectives, has been decisively concluded on good economic terms for our shareholders.

Dockwise is rapidly assembling resources from across the combined group to develop our Logistics Management business; a key aim of the merger. In this division, a fresh combination of people, skills, client relationships and assets give us global leadership in an expanding sector. As an illustration, we already have three vessels on project for the Gorgon development, with a fourth due to join in October.

The fleet review, ahead of a rejuvenation program, is advancing. We presently have 22 vessels, with three to come in the form of our flagship MV Dockwise Vanguard and the two new vessels commissioned by Fairstar. This gives us considerable flexibility both to reshape the overall fleet to suit evolving client needs and to remove redundant tonnage from the market. To that aim we are investigating the option with the yard to upgrade one of the Fairstar newbuilds from a Type II to a Type I size vessel. Dockwise is set to have a younger, better proportioned and more efficient fleet.

Backlog is now in its sixth successive quarter of growth; on a like-for-like basis we have passed our USD 600 million target level and the combined group is moving toward the USD 850 million mark. We have entered an exciting phase of development, and feel strongly encouraged by the prospects for Dockwise.

A teleconference for analysts and investors following the presentation of Q2 and interim 2012 results will be conducted on August 14, 2012, at 14:00 CET; The dial in number for the conference is +44(0)20 3364 5381 United Kingdom and +31(0)20 721 9158 Netherlands confirmation code 5874706. The teleconference can be followed via a live audio-webcast: www.dockwise.com. Participating in the conference requires that you dial in using our conference call number. The presentation will be made available at 12:00 CET through Oslo Newsweb and the Dockwise website.

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

Q2 and H1 2012 results:

http://hugin.info/137711/R/1633634/524304.pdf

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#1633634]

Contact Information

  • For further information please contact:
    Fons van Lith
    M: +31 (0)6 51 314 952
    or T: +31 (0)76 5484116
    E: Email Contact