Dockwise Ltd :Q3 2012

Thursday, November 08, 2012

Operationally sound first quarter for combined Group.
 


Dockwise Ltd. has published results for the three month period ended 30 September 2012. As from 1 July 2012, results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd.

 
 Financial Highlights Q3 2012

•    Revenues of USD 136 million of which USD 21 million from Fairstar (USD 97 million in Q2 2012);
•    Adjusted EBITDA of USD 51 million of which USD 13 million from Fairstar (USD 28 million in Q2 2012);
•    Operating margin of 36% (29% in Q2 2012);
•    Adjusted net profit of USD 12 million (net loss of USD 8 million in Q2 2012);
•    Cash flow generated from operating activities of USD 49 million (USD 10 million in Q2 2012).
 


Operational & Commercial Highlights Q3 2012
•    Utilization rate of 79% (60% in Q2 2012);
•    Total rig transports of 17 in execution during Q3 2012 (15 in Q2 2012);
•    Delivery of floating super-pallets for HPX3 mining project in Australia;
•    Four vessels deployed on Gorgon project.
 


 
Post Q3 2012 events
•    USD 35 million booked predominately for execution beyond 2012;
•    Finesse scheduled for delivery 22 November 2012, Vanguard for 14 January 2013;
o    Third yard payment in Q4 2012 of USD 46 million for Vanguard; fourth and final installment of  USD 46 million now due upon delivery of the vessel in Q1 2013;
o    Naming ceremony for Finesse on 31 October 2012;
•    Agreement with GSI on commissioning of White Marlin (formerly named Fathom) at some USD 150 million investment (excluding capitalized interest);
•    Duration preference shares extended for up to one year from 5 October 2012;
•    The ING syndicate loan facility has been renegotiated.


 
Backlog
Backlog at end Q3 2012 was USD 766 million (Q2 2012: USD 810 million):
•    USD 141 million for execution in 2012 (USD 58 million at end Q3 2011 for execution in 2011);
•    USD 323 million for execution in 2013 (USD 186 million at end Q3 2011 for execution in 2012);
•    USD 302 million for execution in 2014 and beyond (USD 268 million at end Q3 2011 for execution in 2013 and beyond). 

 

André Goedée, Chief Executive Officer Dockwise, commented: "The third quarter has seen good operational progress. In particular, we are encouraged to see the Fairstar acquisition fulfilling our plans with a full roster of Logistics Management work on the Gorgon project and a strong contribution to Group financial performance from the existing three vessels.


 
Looking ahead to the final two new build Fairstar vessels, we see strategic advantages both in terms of the markets they will serve and the rejuvenation of the fleet with capex savings.  The Finesse will join the fleet in the fourth quarter and will be fully deployed through 2013.  Redesign of the White Marlin would give us valuable commercial flexibility, while also saving the cost of converting the Black Marlin and keeping her operational during a critical period.


 
Tendering remains busy and we continue to be encouraged by the medium term view of our clients' industries.  While awards are not made at regular intervals, and timing of execution may in some cases be shifting, we are confident there will be opportunities to establish new backlog records in the future."


 
A teleconference for analysts and investors following the presentation of Q3 2012 results will be conducted on November 8,  2012, at 14:00 CET; The dial in number for the conference is +44(0)20 7136 2055 United Kingdom and +31(0)20 713 2998 Netherlands confirmation code 6953394. 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.
 
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Georgia Hooks Trident Seafoods

Trident Seafoods has opened a $40 million production and distribution center in Carrollton, Ga., providing 175 full-time jobs and the capacity to produce 50,000

Intermarine Opens Office in Ecuador

Intermarine, LLC, a transporter of project, breakbulk and heavylift cargo, announced it has opened an office in Quito, Ecuador.   The new office will operate

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

Contracts

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

CMA CGM-led Consortium Win Box Terminal Bid

The consortium formed by CMA CGM, Bolloré and CHEC won the bid process initiated by the Cameroonian government Following the bidding procedure initiated by the Cameroonian government,

Offshore

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Finance

Bunkers International Files for Bankruptcy

U.S. based bunkering services firm Bunkers International Corp. announced August 28 that it has filed for reorganization under Chapter 11 of the Bankruptcy Code.

Asia-N.Europe Box Rates Jump 26 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped by 26 percent to $591 per 20-foot container (TEU) in the week ended on Friday,

Greek Coastguard Rescues 2,500 over Three Days

Greece's coastguard has rescued about 2,500 migrants and refugees off the country's eastern islands over the past three days, authorities said on Monday, as the

News

Georgia Hooks Trident Seafoods

Trident Seafoods has opened a $40 million production and distribution center in Carrollton, Ga., providing 175 full-time jobs and the capacity to produce 50,000

Hurricane Fred Strengthens in Eastern Atlantic

Hurricane Fred strengthened early Monday in the eastern Atlantic as it approached the Cape Verde Islands, while the remnants of Tropical Storm Erika brought flooding to parts of South Carolina,

Intermarine Opens Office in Ecuador

Intermarine, LLC, a transporter of project, breakbulk and heavylift cargo, announced it has opened an office in Quito, Ecuador.   The new office will operate

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.6631 sec (2 req/sec)