Dockwise Announces Q4 & Full Year 2010 Results (The Netherlands)

Dockwise Ltd., publishes results for the three month period and full year ended 31 December 2010.

Financial highlights Q4 2010

Revenues of USD 123 million (Q3 2010: USD 109 million); Adjusted EBITDA of USD 50 million (Q3 2010: USD 46 million); Operating margin of 41% (Q3 2010: 42%); Adjusted net profit of USD 17 million before non-recurring items:

o Derecognition of MS3 receivable (USD 8.7 million);

o Balance sheet restructuring cost and loan fee write-offs (USD 5.8 million); Operating cash flow of USD 56 million (Q3 2010: USD 45 million); Heavy lift fleet utilization of 97% (Q3 2010: 84%).

Financial highlights FY 2010 Revenues of USD 439 million (2009: 491 million adjusted); Adjusted EBITDA of USD 176 million (2009: USD 223 million); Operating margin of 40% (2009: 45%); Adjusted net profit of USD 37 million (2009: 63 million); Operating cash flow of USD 164 million (2009: USD 195 million); CAPEX of USD 40 million (2009: USD 28 million); Significant improvement of financial strength;

o Successful completion of USD 103 million rights issue;

o Reduction of net debt to USD 457 million (2009: USD 641 million); Year end net debt/EBITDA ratio 2.7:1 (2009: 3.1:1).

Andre Goedee, Chief Executive Officer, Dockwise, said: 2010 was a demanding year, but Dockwise demonstrated its resilience and we made strong progress. The Group turned in a solid financial performance in challenging markets. At an operational level, the Vyborg and Koniambo projects broke new ground in terms of the scale and complexity of the services Dockwise delivers for clients. Strategically, the decision to proceed with our new “Type Zero” vessel promises to give Dockwise a unique presence in a premium segment of the market. With our principal client industry, oil and gas, in robust health, Dockwise is looking forward to 2011 and beyond. In the short term, we have still fully to shake off the delayed impact of the 2009 oil price slump, however longer term we are encouraged by a number of factors. Sustained buoyancy in the oil price should stimulate the demand for drill rigs for field developments, while we await the recovery in Port & Marine services which historically has followed a macro-economic upturn. Beyond this year, major offshore project activity provides an encouraging horizon.

About Dockwise Ltd

Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than 1,200 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 and China with sales offices in Korea, Australia, Brazil, Russia, Singapore, Malaysia, Mexico 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, Norway, Argentina and Italy.

To support all of its services to customers, the group also has three additional engineering centers in Houston, Breda and Shanghai, manufactures specific motion reduction equipment such as LMU (Leg Mating Units) and DMU (Deck Mating Units) and owns a fleet of 19 purpose built semi-submersible vessels.

More info: Dockwise

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Source: dockwise ,February 25, 2011;