SOURCE: Dockwise Ltd

October 19, 2009 01:36 ET

Q3 2009: Successful project execution in quieter quarter

BREDA, THE NETHERLANDS--(Marketwire - October 19, 2009) -


Additional sales focus on short term market

Breda, The Netherlands, 19 October 2009, DOCKWISE Ltd., Q3 2009 results.

Q3 Financial highlights

* Adj. Revenue* up 3% to USD 114 million

* Adj. EBITDA** up 12% to USD 48 million or 43% of revenue (Q3 2008: 39%)

* Adj. Net profit*** increased to USD 8 million (Q3 2008: 6 million)

* Operating cash flow down to USD 15 million (Q3 2008: USD 31 million)

* Repayment of USD 35 million reducing long term debt YTD by almost USD 100 million to USD 928 million

Q3 Strategic highlights

* Successful completion of CPOC float over project

* Gjøa project completed following successful escort through Gulf of Aden

* Dockwise head office relocated: effective 1 October 2009

* New sales and operational offices in Moscow and Singapore

* Talks with Yacht Path discontinued. DYT to pursue independent strategy

Backlog

* Backlog for Dockwise Heavy Lift of USD 339 million (Q2 2009: USD 367 million)

* USD 72 million for execution in 2009

Table 1: Key figures

+-----------------------------------------------------------------------+
|        |        |        |      ||              ||      |      |YTD Q3|
|        |        |        | Q3 09||(Amounts in   ||      |      | 09 vs|
|        |        |        | vs Q3||USD millions, ||YTD Q3|YTD Q3|YTD Q3|
| Q2 2009| Q3 2009| Q3 2008|    08||unaudited)    ||  2009|  2008|    08|
|--------+--------+--------+------++--------------++------+------+------|
|        |        |        |      ||              ||      |      |      |
|--------+--------+--------+------++--------------++------+------+------|
|   118.7|   113.9|   101.3| 12.4%||Revenue       || 359.8| 321.2| 12.0%|
|--------+--------+--------+------++--------------++------+------+------|
|        |        |        |      ||Adjusted      ||      |      |      |
|   121.9|   113.9|   110.9|  2.6%||revenue *     || 372.5| 350.3|  6.3%|
|--------+--------+--------+------++--------------++------+------+------|
|    58.0|    48.4|    41.9| 15.5%||EBITDA        || 172.5| 135.6| 27.2%|
|--------+--------+--------+------++--------------++------+------+------|
|        |        |        |      ||Adjusted      ||      |      |      |
|    60.1|    48.4|    43.5| 11.5%||EBITDA **     || 180.7| 149.8| 20.7%|
|--------+--------+--------+------++--------------++------+------+------|
|    17.0|     8.1|     4.4| 83.6%||Net profit    ||  52.4|  24.4|114.6%|
|--------+--------+--------+------++--------------++------+------+------|
|        |        |        |      ||Adjusted net  ||      |      |      |
|    19.2|     8.1|     5.9| 37.1%||profit ***    ||  60.7|  39.9| 52.2%|
|--------+--------+--------+------++--------------++------+------+------|
|        |        |        |      ||              ||      |      |      |
|----------------------------------------------------------------+------|
|The financial statements have been prepared in accordance with  |      |
|IFRS                                                            |      |
|----------------------------------------------------------------+------|
|* Includes gross compensation for Mighty Servant 3 (2008 USD 9.7|      |
|million)                                                        |      |
|----------------------------------------------------------------+------|
|** Includes net compensation for Mighty Servant 3 (2008 USD 6.3 |      |
|million; see appendix), gain on divestments (USD 0.3 million)   |      |
|and excludes gain on sale mid sections (Q3 2008 USD 4.8         |      |
|million).                                                       |      |
|----------------------------------------------------------------+------|
|*** Includes adjusted EBITDA                                    |      |
+-----------------------------------------------------------------------+

André Goedée, CEO of Dockwise Ltd., commented:

"In the third quarter, Dockwise delivered a solid performance against a background of subdued markets. I am pleased to see that the determined steps we have taken to hold down our cost base while growing our fleet, have enabled us to move forward the operating margin from 39 to 43 per cent, for the comparable period. The third quarter, as in 2008, was affected by the holiday season. Additionally we are observing an underlying reduction in commercial activity levels in oil & gas related transportation markets. We believe this to be a short term development rather than a structural trend. We have confidence in the medium and long term prospects for Dockwise and that we will continue to create long term, sustainable value for our shareholders."

About Dockwise Ltd / Dockwise Group

Dockwise Ltd., a Bermuda incorporated, has a workforce of more than 1200 people both offshore and onshore. The company is the leading marine contractor providing total transport services to the offshore, onshore and yachting industries as well as installation services of extremely heavy offshore platforms. The Group is headquartered in Breda, The Netherlands. The Group's main commercial offices are located in The Netherlands, the United States, China, Korea, Australia, Brasil, Moscow, Singapore and Nigeria. The Dockwise Yacht Transport business unit is headquartered in Fort Lauderdale and has an office in Italy. The Dockwise Shipping network is supported by agents in Japan, Singapore, Spain, Norway, Argentina and Italy.

To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shenzhen, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 20 purpose built semi-submersible vessels.

Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK.

For further information please contact:

Fons van Lith
Tel : +31 (0)6 51 314 952 or +31 (0)76 5484116
fons.van.lith@dockwise.com

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