Dockwise Ltd : Q1 2012: Progress on strategic targets, record backlog extended; short term market conditions remain volatile
(Thomson Reuters ONE) -
Breda, the Netherlands, 22 April 2012, DOCKWISE Ltd. today publishes results for
the three month period ended 31 March 2012.
Financial Highlights Q1 2012
· Revenues of USD 120 million (Q4 2011: USD 88 million);
· EBITDA of USD 39 million (Q4 2011: USD 30 million);
· Operating margin of 32% (Q4 2011: 35%);
· Net profit of USD 9 million (Q4 2011: adjusted net loss of USD 5
million);
· Cash flow generated from operating activities of USD 35 million (Q4
2011: USD 62 million).
Strategic and Operational Highlights Q1 2012
· Award of Aasta Hansteen Spar brings Vanguard backlog to nearly USD
100 million;
· 72% vessel utilization (Q4 2011: 55%);
· SHWE project: world's second largest barge utilized to launch fifth
largest jacket in offshore history;
· COOEC Type 2 vessel joins fleet;
· Modification of MV Transshelf for more versatile options.
Post Q1 2012 events
· DYT divestment well advanced, expected to complete Q2 2012;
· Board decision to convert MV Black Marlin in upgrade to Type 1 status.
Backlog
· Backlog at end Q1 2012 USD 587 million (Q4 2011: USD 531 million):
· USD 215 million for execution in 2012 (USD 143 million at end Q1 2011
for execution in 2011);
· USD 209 million for execution in 2013 (USD 151 million at end 2011 for
execution in 2012);
· USD 163 million for execution in 2014 and beyond (USD 103 million at
end 2011 for execution in 2013 and beyond).
Table 1: Key figures
Q12012Q Q42011Q Q12011Q
Δ Q1
(x USD 12 vs Q4
1,000,000) Q1 2012 Q4 2011 11 Q1 2011
---------------------- ---------------------
.
Revenue 119.8 87.5 36.8% 89.0
EBITDA 38.6 30.3 27.8% 28.5
Net profit /
(loss) 9.0 ( ) (36.2) ( ) n.m. (7.9)
Adjusted net
profit /
(loss) 9.0 ( ) (5.0) (1) n.m. (3.7) (2)
(x USD 1) Q1 2012 Q4 2011 Q1 2011
---------------------- ----------
Basic
earnings per
Share 0.356 (1.430) (0.313)
Adjusted
basic
earnings per
share 0.356 (0.195) (0.147)
Diluted
earnings per
share 0.351 (1.416) (0.310)
1 Excludes impairment DYT Business USD 29.4 million (Q4 2011) and excludes non
recurring finance costs USD 1.8 million (Q4 2011).
2 Excludes impairment on MV Explorer (Q1 2011)
totalling USD 4.2 million.
André Goedée, Chief Executive Officer Dockwise, commented:
"Dockwise has had an eventful and successful first quarter. Using the world's
second largest launch barge, owned by COOEC to launch the fifth largest jacket
in history adds the SHWE project to the proud list of achievements that set
Dockwise apart in our industry. In addition, securing the giant Aasta Hansteen
spar buoy for transport aboard the MV Dockwise Vanguard means that Dockwise has
now booked nearly USD 100 million in revenue for the new vessel prior to launch.
This reflects the strength of market demand, identified several years ago, on
which the Board based its decision to commission the MV Dockwise Vanguard, for a
vessel of this scale.
Across the rest of our fleet, we have taken charge of the COOEC Type 2 vessel,
HYSY278, which became operational at the start of the second quarter; we
commenced the modification of the MV Transshelf for more versatile use, and took
the decision to convert the MV Black Marlin to Type 1 status to raise its
carrying capacity from 56,000 to 76,000 tonnes. Each of these moves further
strengthens our abilities to handle large and complex projects. We shall
continue to optimize our fleet in a controlled and disciplined manner, staying
close to our customers to be able to deliver according to demand.
A teleconference for analysts and investors following the presentation of Q1
2012 results will be conducted on 23 April 2012 at a later to be announced
time. Details will be published on the website www.dockwise.com; A dial in
number and access code for the conference is available upon request to
fons.van.lith(at)dockwise.com. The teleconference can be followed via a live
audio-webcast: www.dockwise.com. Participating in the conference requires that
you dial in using our conference call number. The presentation will be made
available on 23 April 2012 at 12:00 hrs CET through Oslo Newsweb and the
Dockwise website.
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116
E: fons.van.lith(at)dockwise.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2012 report:
http://hugin.info/137711/R/1604701/507858.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Dockwise Ltd via Thomson Reuters ONE
[HUG#1604701]
Unternehmensinformation / Kurzprofil:
Datum: 22.04.2012 - 16:20 Uhr
Sprache: Deutsch
News-ID 137680
Anzahl Zeichen: 6415
contact information:
Town:
Breda
Kategorie:
Business News
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