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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Contracts

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Legal

Korean Ferry Captain's Detention Could Extend As Death Toll Mounts

South Korean prosecutors investigating a ferry disaster said on Sunday they would seek to extend the detention of the ship's captain and two other crew by 10

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Finance

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

News

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

Korean Ferry Captain's Detention Could Extend As Death Toll Mounts

South Korean prosecutors investigating a ferry disaster said on Sunday they would seek to extend the detention of the ship's captain and two other crew by 10

First Bodies Recoved From Sunken Ferry

South Korean divers retrieved three bodies from inside a sunken ferry overnight, officials said on Sunday, the first time they have been able to gain entry to the passenger section of the ship.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1773 sec (6 req/sec)