The Netherlands: Dockwise Reports 3Q Profit of USD 8 Million

Dutch heavy lift specialist, Dockwise, today reported a net income of $8 million for the 3rd quarter 2011, a 39% dip on the $13.1 million earned in the third quarter the year before.

Revenues were $112.9 million, higher than $108.9 million in the third quarter 2010 . Vessel utilization, based on 365 days, in Q3 2011 decreased to 70%, down 3% compared to last year’s 73 %.

Highlights of the third quarter of 2011 include : Start of steel cutting for Dockwise Vanguard ; Delivery of MV Explorer to the new owner ; Clair Ridge project award for BP.

“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.”  André Goedée, Chief Executive Officer Dockwise.

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.

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OET Staff , November 11, 2011