Dockwise Ltd
oslo : DOCK

November 11, 2011 01:39 ET

Dockwise Ltd: Q3 2011: Strong financial performance in difficult markets; record backlog levels extended

BREDA, THE NETHERLANDS--(Marketwire - Nov 11, 2011) - DOCKWISE Ltd. today publishes results for the three month period ended September 30, 2011.

Financial Highlights Q3 2011

* Revenues of USD 113 million (USD 109 million in Q2 2011);

* EBITDA of USD 40 million (USD 35 million in Q2 2011);

* Operating margin of 36% (32% in Q2 2011);

* Net profit of USD 8 million (USD 3 million in Q2 2011);

* Cash flow generated from operating activities of USD 46 million (USD 25 million in Q2 2011).


Strategic and Operational Highlights Q3 2011

* Vessel utilization 70% based on 365 days (85% in Q2 2011);

* Steel cutting commenced for Dockwise Vanguard

* Delivery of MV Explorer to the new owner

* Contract awards of USD 135 million (USD 157 million in Q2 2011)

* Includes Clair Ridge project for BP

* Significant contribution from variation order

Post Q3 2011 events

* FPSO Goliat booked as second cargo for Dockwise Vanguard

* A global transport record: in excess of 60,000 tonnes

* More than USD 25 million booked for execution in 2011 and 2013

* Debt facility condition renegotiated with lending syndicate

* Letter of Intent signed on sale of DYT


Backlog

* Backlog at end Q3 2011 USD 512 million (Q2 2011: USD 471 million):

* USD 58 million for execution in 2011 (USD 87 million at end Q3 2010 for execution in 2010);

* USD 186 million for execution in 2012 (USD 125 million at end Q3 2010 for execution in 2011);

* USD 268 million for execution in 2013 and beyond (USD 188 million at end Q3 2010 for execution in 2012 and beyond).


Table 1: Key figures

                                 (Amounts in
                                 USD
    Q3    Q2 delta Q3 11    Q3   millions,   YTD Q3     YTD Q3  delta Q3 11
  2011  2011    vs Q2 11  2010   unaudited)    2011       2010     vs Q3 10
-------------------------------              ------------------------------


 112.9 109.2        3.3% 108.9   Revenue      311.1      316.2       (1.6%)

  40.4  35.1       15.6%  46.1   EBITDA       104.0      125.2      (16.9%)

                                 Net profit
   8.0   2.6      204.9%  13.1   / (loss)       2.7       14.6      (81.9%)

                                 Adjusted
                                 net profit
   8.0   2.6      204.9%  12.9 * / (loss)       6.9 **    20.0 ***  (65.8%)



                                 (Amounts in
    Q3    Q2                Q3   USD,          YTD Q3     YTD Q3
  2011  2011              2010   unaudited)      2011       2010
-------------------------------              --------------------
                                 Basic
                                 earnings
 0.315 0.103             0.626   per Share      0.105      0.697

                                 Adjusted
                                 basic
                                 earnings
 0.315 0.103             0.616   per share      0.271      0.957

                                 Diluted
                                 earnings
 0.312 0.102             0.620   per share      0.104      0.692


* Excludes USD 0.2 million non recurring finance income and costs relating to debt buy back and loan redemptions in Q3 2010

** Excludes impairments on MV Explorer in YTD Q3 2011 totalling USD 4.2 million

*** Excludes USD 6.2 million (non cash) impairment on the divestment of the MV Enterprise and excludes USD 0.8 million non recurrring finance income and costs relating to debt buy back and loan redemptions in YTD Q3 2010


André Goedée, Chief Executive Officer Dockwise, commented: Under continued difficult market conditions, we have delivered a sound financial performance in the third quarter. It is important to stress that, while variation orders have benefited Dockwise, these are only achievable through successfully accommodating our client's changing needs. Our ability to do this reflects our leadership in increasingly complex projects.

We are delighted to again report a record total backlog, - thanks to our win of the BP Claire Ridge project now stretching out into 2015. Quarterly orderbook growth was again firmly ahead of quarterly revenues; a basis for sustained long term growth. Tendering activity continues to be strong, and in a period which has seen several successes; securing the transport of the FPSO Goliat on the Vanguard is an outstanding achievement. Dockwise will be proud to break its own record for the world's heaviest single cargo, and the award is the best endorsement of our decision, taken at a challenging time, to proceed with our new vessel.

+-------------------------------------------------------------------------+
|A  teleconference for analysts and investors  following the presentation |
|of Q3 2011 results  will be conducted on November 11, 2011 at 14:00 CET; |
|The dial in number  for  the  conference  is  +44 (0)20  7784 1036       |
|(UK Toll)  or +31 (0)20 713 2790 (Netherlands Toll)  confirmation code   |
|4928818. 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.    |
+-------------------------------------------------------------------------+

Full Press Release Q3 2011: http://hugin.info/137711/R/1563056/484464.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#1563056]

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