BACKLOG ADVANCES, IMPROVED 2011 & 2012 CASHFLOWS
(Thomson Reuters ONE) -
Breda, October 5, 2011 Dockwise today announces new contract wins and variation
orders, revised payment terms for the Vanguard, and advances from certain
clients. These factors, taken together, will materially improve the company's
cash flows and working capital in 2011 and 2012.
New contracts and variation orders
New contract wins include the transportation of the Bigfoot semi-submersible
platform for Daewoo/Chevron from South Korea to the Gulf of Mexico in 2012, and
eight short term contracts for execution in Q3 and Q4 2011. Confidential
variation orders, agreed with an undisclosed client, giving the client greater
flexibility in their loading window whilst relinquishing them from existing
commitments, will contribute to profits for Q3 2011, as well as add to backlog.
Combined, these new contract and variation orders permit Dockwise to report a
more than USD 55 million addition to backlog, distributed USD 20 million in
2011 and USD 35 million in 2012 and beyond.
Improved payment terms and advances
Dockwise has secured an adjustment to the payment terms and conditions for
Dockwise Vanguard, under which the scheduled Q1 2012 payment will now fall due
in Q2. At the same time revised terms will secure an increase in initial
payments on a major contract. These advantageous changes will make a material
contribution to FY 2011 and Q1 2012 cash flows and working capital.
Dockwise Chief Executive Officer, André Goedée, commented:
"We continue to sustain backlog at record levels, cementing Dockwise's
leadership position in the Heavy Marine Transportation and Installation market,
and we are confident we will continue to book successfully for the period 2012
and beyond.
As previously outlined, the company is in a period of migration from an
environment driven by short term market factors to a more stable growth period
characterized by longer term projects and better visibility. The new contracts,
revised contractor and client terms will help smooth this transition and ensure
that Dockwise meets its bank covenants for the foreseeable future.
Dockwise will publish Q3 results on November 11(th) 2011 (07:30 hrs CET). This
is one week earlier than the previously announced date of November 18(th) 2011.
For further information, please contact:
Fons van Lith
M: +31 (0)651 314 952
T: +31 (0)76 5484 116
E:Fons.van.lith(at)dockwise.com
About Dockwise Ltd/The Dockwise Group
Dockwise Ltd., a Bermuda incorporated company, has a workforce of more than
1,200, 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 for 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 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, which manufacture specific
motion-reduction equipment, such as LMU (Leg Mating Units) and DMU (Deck Mating
Units).
Dockwise shares are listed on the Oslo Stock Exchange under ticker DOCK and on
NYSE Euronext, Amsterdam under ticker DOCKW. For more information, visit our
website at www.dockwise.com
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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#1552236]
Unternehmensinformation / Kurzprofil:
Datum: 05.10.2011 - 07:17 Uhr
Sprache: Deutsch
News-ID 73158
Anzahl Zeichen: 4713
contact information:
Town:
Breda
Kategorie:
Business News
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