Q2 and Interim Results 2011: strongest ever quarter for contract wins; new backlog record
(Thomson Reuters ONE) -
Breda, the Netherlands, August 19, 2011, DOCKWISE Ltd. today publishes 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).
Table 1: Key figures
Q2 Q1 delta Q2 11 Q2 delta H1 2011
2011 2011 vs Q1 11 2010 (Amounts in USD H1 2011 H1 2010 vs H1 2010
millions,
unaudited)
-------------------------------- ------------------------------
109.2 89.0 22.7% 112.1 Revenue 198.2 207.3 (4.4%)
35.1 28.5 22.8% 47.7 EBITDA 63.6 79.1 (19.7%)
2.6 (7.9) n.m. 4.9 Net profit / (5.3) 1.5 n.m.
(loss)
2.6 (3.7) n.m. 11.1 Adjusted net (1.1) 7.1 n.m.
profit /
(loss)*
Q2 Q1 Q2
2011 2011 2010 (Amounts in USD, H1 2011 H1 2010
unaudited)
-------------------------------- -----------------
0.103 (0.313) 0.236 Basic earnings (0.210) 0.072
per Share
0.103 (0.147) 0.532 Adjusted basic (0.044) 0.341
earnings
per share
0.102 (0.310) 0.234 Diluted earnings (0.208) 0.071
per share
* Excludes impairments on MV Explorer in Q1 2011 and H1 totalling USD 4.2
million (Q2 2010: excludes USD 6.2 million (non-cash) impairment on the
divestment of the MV Enterprise. Additional H1 2010 excludes USD 0.6 million non
recurring finance income and costs relating to debt buy back and loan
redemptions).
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."
A teleconference for analysts and investors following the presentation of Q2 and
interim 2011 results will be conducted on August 19, 2011, at 14:00 CET; The
dial in number for the conference is +44 (0) 207 136 2052 (UK Toll) or +31 (0)
20 713 3421 (Netherlands Toll) - confirmation code 9468258. 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 at 12:00 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.
Full Press Release Q2 2011:
http://hugin.info/137711/R/1539461/470484.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#1539461]
Unternehmensinformation / Kurzprofil:
Datum: 19.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 57395
Anzahl Zeichen: 7122
contact information:
Town:
Breda
Kategorie:
Business News
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