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

People & Company News

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

Contracts

De Beers Orders Specialized Ship from Kleven

Kleven signed a contract with diamond company De Beers Marine Namibia, part of De Beers Group, on the building of a highly specialized vessel for deep water mineral exploration.

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Offshore

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

Finance

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Singapore Bunker Meter Mandate Targets 'Frothy Fuel'

Singapore, the world's biggest bunkering port, plans to end the so-called "cappucino effect" in ship fuelling through new meters designed to stop suppliers from short-changing customers,

News

UASC Targets Expansion to Beat Container Market Blues

UASC expects to reach volume of 2.35 mln TEU in 2014 Global carriers still struggling with weak conditions United Arab Shipping Company (UASC) is on a major expansion drive,

Ecoships Claims 15% Ship Efficiency Gain

Ecoships introduced a customized version of the Six Sigma DMAIC approach to process and performance evaluation in order to optimize the energy-efficiency of the vessels under its management.

Oversupply, Ebola Fears Drive Oil Below $86

* Middle East supply remains strong * Equities fall on confirmed case of Ebola in New York * Economists see gloomy 2015 for China, euro zone - Reuters

 
 
Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.2495 sec (4 req/sec)