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

People & Company News

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Contracts

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Wärtsilä Bags Seawater Desalination System Orders

The Meyer Werft Germany, Meyer Turku, STX France and Fincantieri shipyards have all placed orders with Wärtsilä for the supply of fresh water generators to a total of seven cruise ships.

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Offshore

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Hoists Facilitate Offshore Crane Repairs

When the diesel engine of a deck crane failed, it caused major handling problems for an offshore platform operating in the Dutch sector of the southern North Sea,

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

Finance

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

News

BP Faces Heavy Hit from Former Prized Asset Rosneft

BP faces a first and heavy loss from its stake in Russia's Rosneft due to plummeting oil prices and a crumbling rouble, potentially forcing it to write down the value of its once-prized asset.

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2181 sec (5 req/sec)