Dockwise Announces Q4 and 2007 Results

Thursday, February 28, 2008
DOCKWISE Ltd., announced its Q4 and full year 2007 results. Highlights include: Revenue increased 15% to USD 290 million (USD 252 million 2006). Milestone projects executed successfully: for example installation of GX deck offshore Nigeria, transport of 3 jack-up rigs on the same voyage, transport of a 6th generation semi-submersible rig and transport of the Tahiti SPAR, the largest SPAR ever. Adjusted EBITDA* increased 39% to USD 141 million (USD 102 million in 2006) . Adjusted EBITDA margin increased to 45% (40% in 2006). Total CAPEX of USD 908 million including the acquisition of Sealift, OKI and ODL. Listing on OTC market in Oslo on 4 May 2007 followed by a full listing on the Oslo Stock Exchange on 2 October 2007. Expansion of operational fleet with three vessels in 2007. Delivery of five more vessels (incl. MS3) to be expected during the course of 2008. Total order backlog of Dockwise Heavy Lift (DHL) projects of USD 233 million (YTD Q3 2007 USD 224 million). For 2008, management expects revenue, including MS3 contribution, to be around USD 500 million. Expected Adjusted EBITDA margin broadly in line with 2007.

André Goedée, CEO of Dockwise commented: "Looking at the performance of Dockwise in 2007, I am encouraged in my belief that the company continues to perform in line with management's expectations. This is particularly important as the current performance provides momentum for the strategic changes of which the implementation started in 2005 and to which management has committed itself. The continuous improvement of the quality of Project Management with the new organizational structure has largely contributed in managing risk in 2007 and in successful bidding for large projects. As clients find more comfort in the new skill set of Dockwise, I believe this to be a strong support in achieving our results in 2008 and filling our backlog for the years beyond 2008."

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