Dockwise Backlog Update
Dockwise Ltd. announced that contracts have been secured by its subsidiary Dockwise Shipping. Next to an engineering assignment, the transportation of a semi- submersible rig, a jack- up rig and river barges for a value of $20m were signed for the short term. For execution in 2012 Dockwise received a Letter of Award for the transport and installation by means of a float over of a large offshore production platform in the Far East for a value of $45m. Dockwise has been contracted to transport drilling rigs to Australia and Rotterdam respectively. The bulk of the rig contract work is for completion within the first half of 2010. Total contract revenues are expected to be approximately $20m.
Dockwise Results, Q4 & Full Year 2009
Dockwise Reported Financial highlights Q4 2009 Adjusted EBITDA of USD 42.1 million, with margin at 36% (Q3 2009: 43%); Net profit of USD 2.8 million before non-recurring items: Deal & financing-related net cash costs of USD 4.6 million Non-cash impairments on assets and loan fees of USD 14 million Vessel operating expenses reduced 12% to USD 11 million (Q3 2009: USD 12.5 million); Cashflow of USD 43 million generated by operations (Q3 2009: USD 29 million) Financial highlights FY 2009 Adjusted EBITDA of USD 223 million with margin at 45%, maintaining 2008 levels; Strong cash flow of USD 195 million generated by operations; CAPEX of USD 28 million (below annual runrate of USD 50 million); Year end net debt of USD 641 million (2008: USD 1,003 million); Year end net
Dockwise Q2 2009 Results
Dockwise Ltd. announced its second quarter and interim 2009 results. "Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational performance has allowed us significantly to deleverage the business by nearly USD 100 million in the first half of 2009, and we continue in our efforts to strengthen the balance sheet. Stringent cost discipline and a stop on hiring of new personnel is and will be continued. Dockwise's global spread has given us access to business wherever it has emerged, while utilization rates of over 90 per cent have sustained a healthy EBITDA margin and strong cash generation.
Dockwise, Major Offshore Float-Over
Dockwise Ltd, announced that, through its subsidiary, it has successfully performed the $33m complete transport and float-over installation of 19,000mT MDPP offshore production platform for CPOC located at the JDA Block B-17, C-19 and B-17-01. Dockwise is the main contractor for CPOC, the operator. Since the contract was awarded in August 2007, Dockwise's multi-disciplined project team has been dedicated to the execution of this complete transportation and installation float-over project under the direction of the company's Senior Project Manager, Aart van den Hoonaard. Preparation for the project included custom-design and fabrication of Leg Mating Units (LMUs) and Deck Support Units (DSUs)…
Keppel, FSO Conversion for M3nergy
Keppel Shipyard Ltd will be completing the conversion of the Floating, Storage and Offloading (FSO) vessel, Ratu Songkhla, for M3nergy JDA Sdn Bhd. Speaking at its naming ceremony, Mr Tong Chong Heong, CEO of Keppel Offshore & Marine, Keppel Shipyard’s parent company said, “The excellent team work between M3nergy and Keppel Shipyard has enabled us to deliver FSO Ratu Songkhla within six months, and without any lost-time incidents. Formerly a 1989-built Panamax tanker, the vessel arrived at Keppel Shipyard in February this year for her conversion.
