The Netherlands: Dockwise Reports Q2 Revenues of USD 109 Million

Dockwise Ltd. today published results for the three month and Half Year periods ended June 30, 2011.

Financial Highlights Q2 2011

• Revenues of USD 109 million (USD 89 million in Q1 2011);
• EBITDA of USD 35 million (USD 29 million in Q1 2011);
• Operating margin of 32% (32% in Q1 2011);
• Net profit of USD 3 million (Adjusted net loss of USD 4 million in Q1 2011);
• Cash flow generated from operating activities of USD 25 million (USD 39 million in Q1 2011).

Financial Highlights first Half Year 2011

• Revenues of USD 198 million (USD 207 million in first half year 2010);
• EBITDA of USD 64 million (USD 79 million in first half year 2010);
• Operating margin of 32% (38% in first half year 2010);
• Adjusted net loss of USD 1 million (Adjusted net profit of USD 7 million in first half year 2010);
• Cash flow generated from operating activities of USD 64 million (USD 63 million in first half year 2010).

Strategic and Operational Highlights Q2 2011

• Vessel utilization 85% based on 365 days (64% in Q1 2011);
• Type-0 vessel to be named Dockwise Vanguard;
• First project for Dockwise Vanguard confirmed as Jack and St Malo for Chevron;
• Contract awards of USD 157 million (USD 70 million in Q1 2011)
• Includes Gorgon project

Post Q2 2011 events

• Sustained bookings of short- term work and high- profile longer term projects:
• More than USD 80 million booked for execution in 2011 and beyond;
• Completion of complex Bongkot float-over to schedule and budget;
• Delivery of MV Explorer to new owner.

Backlog

• Backlog at end Q2 2011 USD 471 million (Q1 2011: USD 397 million):
• USD 101 million for execution in 2011 (USD 136 million at end Q2 2010 for execution in 2010);
• USD 200 million for execution in 2012 (USD 126 million at end Q2 2010 for execution in 2011);
• USD 170 million for execution in 2013 and beyond (USD 127 million at end Q2 2010 for execution in 2012 and beyond).

André Goedée, Chief Executive Officer Dockwise, commented:

“Despite fewer projects and a subdued financial performance, this has been a tremendously exciting period for Dockwise. Tendering volumes and subsequently contract awards, both for production facilities and LNG projects, have continued strongly – and are being sustained through the summer months. We are encouraged by our new record levels of backlog stretching out through to 2015.

These new contracts are predominantly complex tasks, where clients seek an experienced organisation with professional project management. A prime example is Chevron’s Jack and St Malo project, now confirmed as the first assignment for our new flagship, Dockwise Vanguard.

Dockwise’s stated ambition is to become the clear brand leader for all types of performance critical work, and we are encouraged by consistent bookings for these demanding projects. We are looking closely at ways further to differentiate our services, not only to maintain sector leadership but also continue to reduce exposure to shorter term work.”

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Source: Dockwise, August 19, 2011;