Financial highlights

* Revenue up 2% to USD 119 million (Q2 2008: USD 116 million) * EBITDA up 19% to USD 58 million (Q2 2008 USD 49 million) * Adj EBITDA** up 9% to USD 60 million (Q2 2008:USD 55 million) * Net profit up 35% to USD 17 million (Q2 2008: 13 million) * Operational cash flow USD 61 million (Q2 2008: USD 27 million) * Net debt in H1 2009 decreased by USD 93 million to USD 910 million through repayment, buyback and cash flow growth

Strategic highlights

* Announcement of plans to acquire Yacht Path International for merger with DYT to create strategic new force in global yacht transport * New sales office opened in key industry centre Singapore * Decision to relocate corporate HQ to Breda, The Netherlands * Mighty Servant 3 returned to service in August * Commenced milestone USD 35 million CPOC float-over contract

Backlog

* Backlog for Dockwise Heavy Lift of USD 367 million (Q1 2009: USD 407 million) o USD 50 million added for 2009 execution since period end o USD 188 million in backlog for 2010 execution o Steady tendering levels for all types of contract.

Andre Goedee, CEO of Dockwise Ltd., commented: ‘Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational performance has allowed us significantly to deleverage the business by nearly USD 100 million in the first half of 2009, and we continue in our efforts to strengthen the balance sheet. Stringent cost discipline and a stop on hiring of new personnel is and will be continued.

Dockwise’s global spread has given us access to business wherever it has emerged, while utilization rates of over 90 per cent have sustained a healthy EBITDA margin and strong cash generation. With rig transportation levels lower than in recent record periods, the growing significance of our non oil-and-gas-related business to the revenue mix is apparent. Contractual delays, as previously indicated, continue to be an influencing factor, but we are encouraged to see no slow down in tendering activity.

We are greatly encouraged by the support we have received from clients as we develop our business, particularly in respect to our services in risk areas such as Nigeria and the Gulf of Aden. As always, the safety of our crew and their cargoes are our highest priority, and we are encouraged to see concerted international action to police the waters off the Horn of Africa.’

A teleconference for analysts and investors following the presentation of Q2 2009 results will be conducted on 17 August 2009, at 14:00 CET; 13:00 GMT (UK); The dial in number for the conference is +44 (0)203 003 2666. The teleconference will be live audio-webcast on the Company’s website www.dockwise.com. For following presentation only, the webcast is recommended. For remarks or questions you should dial in on the conference call.

For further information please contact:

Fons van Lith Tel : +31 651 314 952/ +14415991818 fons.van.lith@dockwise.com

 

Source: Dockwise

 

 

Search to find what you want

• Dockwise Secures USD 27 million in short-term assignment

     Dockwise Ltd. today announces 8 new near-term contract wins awarded to its subsidiary, Dockwise Shipping, for the transportation of a jack up drilling rig and port & marine infrastructure. Dockwise Shipping, in cooperation with industry partners, is to transport 1 jack up drilling rig to Egypt,

• Dockwise secures USD 24 million in short-term assignment

    Dockwise Ltd. yesterday announced 8 new near-term contract wins awarded to its subsidiary, Dockwise Shipping, for the transportation of modules, vessels and jack up drilling rigs.

• Dockwise Shipping secures additional $ 65 million short-term rig contracts and a large float-over-award

     Dockwise Ltd. today announces that contracts have been secured by its subsidiary Dockwise Shipping. Next to an engineering assignment, the transportation of a semi- submersible rig, a jack- up rig and river barges for a value of USD 20 million were signed for the short term

• The Mighty Servant 3 again Dockwise fleet

     Dockwise Ltd, announces that, through its subsidiary the fully renewed and reinstated Mighty Servant 3 has rejoined the fleet of Dockwise. The vessel has been under repair at the Grand Bahama Shipyard since January, 2008. The entire vessel has been rebuilt beginning with the steel hull.

• Dockwise detailed record number of boats

     (soundings) The 556-foot Super Servant 4, one of Dockwise Yacht Transport’s four semisubmersible ships, will leave Newport, R.I., Tuesday packed with a record 50 cruising and racing boats valued at $41 million.  Source

• Mighty Servant guided through Gulf of Aden

     (marinelink)  Between the 13th and the 14th of September, the Dockwise semi-submersible, heavy-marine transport vessel, Mighty Servant 1, was safely escorted by EUNAVFOR warships through the Internationally Recommended Transit Corridor (IRTC) in the Gulf of Aden.  Source

• China Natural Gas Announces Third Quarter 2009 Financial Results

    China Natural Gas, Inc., a leading provider of compressed natural gas (CNG) for vehicular fuel and pipeline natural gas for industrial, commercial and residential use in Xi’an, China, yesterday announced its financial results for the third fiscal quarter, ended September 30, 2009. Third Quarter 2009 Results Revenue in the third

• Capital Product Partners LP Announces Cash Distribution

     Capital Product Partners L.P. yesterday announced that its board of directors has declared a cash distribution of $0.41 per unit for the second quarter ended June 30, 2009. The second quarter cash distribution remains unchanged from the previous cash distribution of $0.41 per unit, which was paid for the period from

• Icap eyes growth in crude oil Broking

    Icap, the world’s largest interdealer broker, said yesterday it had started a “broad-ranging strategic review of some of its cash equities businesses”, but would also expand into crude oil broking. Last week, Icap revealed that a push into cash equities had faltered, contributing to a profit warning . Vivek Raja,

• Global oil giant invited to make new investments

    More than half of all oil produced by 2020 will need to come from new investments and companies’ capital expenditure must rise, a new report said on Monday. Management consultant Booz & Company urged global oil companies to embark on an aggressive spending spree by acquiring smaller players which are now priced

• IMF Board: Saudi Arabia Oil Prod is the long-term demand

    The International Monetary Fund’s executive board urged Saudi Arabia to maintain a longer-term perspective on global demand for oil. In their annual assessment of Saudi Arabia’s economy, IMF directors praised the world’s biggest oil exporter for its leadership in stabilizing oil markets by continuing to expand capacity in the face of

• Pacific Shipping Trust continued to perform well in the 4th Quarter 2009 financial result

    PST Management Pte. Ltd. (“PSTM”), as Trustee-Manager of Pacific Shipping Trust (“PST”), Singapore’s first publicly-listed business trust, will distribute 0.827 US cents per unit to Unitholders for the fourth quarter ended 31 December, 2009 (“Q4 FY2009”)

• FreeSeas Announces Third Quarter and Nine Month 2009 Financial Results

    FreeSeas Inc., a transporter of dry-bulk cargoes through the ownership and operation of a fleet of eight Handysize and two Handymax vessels, yesterday announced financial results for its third quarter and nine months ended September 30, 2009. Mr. Ion Varouxakis, President and CEO of FreeSeas, stated, “We continue to position

• Barco continued good cash flows

    Barco has announced results for the three and six-month periods ended 30 June, 2009. Commenting on the results of 2Q09 Mr Van Zele, CEO, re-emphasized that Barco\’s strategy to focus on cash generation and a healthy balance sheet continued to bear fruit in 2Q09. Read at Barco continues to generate

• TNK-BP statement published on the dividend policy

    With regard to information which was published in some media on dividend payments recommended by TNK-BP Holding, the company would like to state the following. TNK-BP Holding is a subsidiary of TNK-BP. Dividends declared by TNK-BP Holding are distributed as cash payments to all shareholders according to the number of