Dockwise Announces Q1 2011 Results

Press Release
Friday, May 13, 2011

DOCKWISE Ltd today publishes results for the three monthly period ended March 31, 2011.

Financial Highlights Q1 2011

• Revenues of USD 89 million (Q4 2010: USD 123 million);
• EBITDA of USD 29 million (Q4 2010: USD 42 million);
• Operating margin of 32% (Q4 2010: 41% adjusted);
• Adjusted net loss of USD 3.7 million before a non-cash charge of USD 4.2 million relating to the sale of the MV Explorer;
• Operating cash flow of USD 39 million (Q4 2010: USD 56 million);
• First payment (USD 35 million) on “T-0”, world’s largest semi-sub heavy lift vessel.

Strategic and Operational Highlights

• Q1 2011 results largely composed of spot market HMT revenues;
• Vessel utilization of 64% based on 365 days (Q4 2010: 84%);
• T-0 building contract concluded;
• Ongoing optimization of fleet: disposal of MV Explorer.

Backlog

• Backlog at end Q1 2011 USD 397 million (Q4 2010: USD 380 million):
    o USD 143 million for execution in 2011 (USD 183 million at end Q1 2010 for execution in 2010);
    o USD 151 million for execution in 2012 (USD 107 million at end Q1 2010 for execution in 2011);
    o USD 103 million for execution in 2013 and beyond (USD 76 million at end Q1 2010 for execution in 2012 and beyond).
Steady growth in tendering and booking
    o 29 new contracts and letters of intent post 2010 (13 of which post Q1 2011);
    o USD 185 million revenues booked to backlog post 2010 (USD 115 million of which post Q1 2011);

 Table 1: Key figures

 

Q1

Q4

delta Q1 11

Q1

(Amounts in USD millions, unaudited)

2011

2010

vs Q4 10

2010

Revenue

89.0

122.9

(27.6%)

95.2

Adjusted revenue

89.0

122.9

(27.6%)

95.2

EBITDA

28.5

41.6

(31.4%)

31.4

Adjusted EBITDA *

28.5

50.3

(43.2%)

31.4

Net profit / (loss)

(7.9)

2.8

(387.6%)

(3.4)

Adjusted net profit / (loss) **

(3.7)

17.3

(121.5%)

(4.0)

The financial statements have been prepared in accordance with IFRS.

* Excludes derecognition MS3 claim Q4 2010 USD 8.7 million.

** Includes adjusted EBITDA, excludes impairments on MV Explorer in Q1 2011 totalling USD 4.2 million (Q4 2010:

USD 5.8 million on non recurring finance income and costs relating to loan redemptions and arrangement fees,

Q1 2010: USD 0.6 million income on debt buy back).

 

André Goedée, Chief Executive Officer of Dockwise, commented:
 
"Operating activity was markedly subdued in the first quarter of 2011, reflecting industry-wide conditions. However, Dockwise noted an upturn in enquiries through the period, and in recent weeks several have been successfully converted to backlog. New opportunities are predominantly sizeable Transport & Infrastructure projects suited to Dockwise's distinct capabilities, and we continue to be actively engaged in tendering. Taking into account newly announced additions, our backlog as of today stands well in excess of USD 425 million - a record for the company.
 
Reviewing the pipeline, it is evident that scale and complexity go hand-in-hand for major transportation assignments. These premium contracts are distributed throughout the world's basins, either as stand-alone projects or contained within major developments.  Dockwise is proving repeatedly that it has the global presence, expertise and vessels to secure the most difficult projects. The addition of our new "Type-0" vessel, where detailed engineering is progressing to schedule and budget and where we experience positive client interest, will give Dockwise a significant competitive advantage anywhere in the world."
 

Source: http://www.dockwise.com

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