SOURCE: Dockwise Ltd

May 20, 2008 02:11 ET

Q1 2008 - A strong start to a promising year

HAMILTON, BERMUDA--(Marketwire - May 20, 2008) -

Hamilton, Bermuda, 20 May 2008, DOCKWISE Ltd., announces Q1 2008 results.

Financial highlights

- Revenue up 63% to USD 104 million (USD 64 million Q1 2007);
- Adjusted EBITDA** up 53% to USD 51 million (USD 33 million in Q1
- Adjusted Net Profit*** of USD 14.6 million (USD 4.2 million in Q1
- Order backlog of Dockwise Heavy Lift (DHL) of USD 264 million;
o up 13% on Q4 2007 (USD 233 million)
o up 75% on Q1 2007 (USD 151 million).

Strategic and operational highlights

- 30 contracts; all successfully executed in Q1 period
- Encouraging growth in Offshore, T&I and Onshore contract
opportunities in the long term;
- Improving efficiency and utilization;
o Growth in fleet contributed to improved schedule efficiency
o Consistently high vessel utilization rates
- Fleet expansion plans on track:
o Delivery of tankers Triumph and Trustee to shipyard for conversion;
o Delivery of Mighty Servant 3 to shipyard for refurbishment prior to
reinstatement in Dockwise fleet;
- Appointments of Rob Strijland as Chief Operating Officer and Martin
Adler as Chief Commercial Officer bringing further strength to
management team.

André Goedée, CEO of Dockwise Ltd. commented: "Having the right vessel, in the right place at the right time is the key to success in our industry. With 17 fully operational vessels in Q1, including the recently arrived Yacht Express, Transporter and Target, Dockwise reaped full benefit from good conditions in our target markets. The planned expansion of our fleet during 2008 will allow us to sustain our growth rate and maintain our outstanding scheduling flexibility. The execution of our strategy is on track and our story remains the same. Dockwise's market leadership is bringing us consistent access to short, medium and long term opportunities across our markets. Our long-standing presence in different market segments, particularly those with short lead times, and the economies of fleet scale we enjoy, have again allowed Dockwise to optimize its vessel utilization. Looking at the financial performance in Q1, and with five vessels due to become operational in 2008, the management continues to be confident of achieving its full year targets."

A teleconference for analysts and investors following the presentation of Q1 2008 results will be conducted on 20 May 2008, at 09:30 CET; 08.30 GMT (UK); The dial in number for the conference is +44 (0) 20 3003 2666. The teleconference will be live audio-webcasted on the Company's website

For further information please contact:

Stefan Malfliet
Tel : +14415991919

Fons van Lith
Tel : +14415991818

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