Dockwise Ltd : Q2 & H1 Results 2012

(Press Release)
Tuesday, August 14, 2012

DOCKWISE Ltd. today publishes results for the three month and Half Year periods ended June 30, 2012.

 Financial Highlights Q2 2012

  •  Revenues of USD 97 million (USD 120 million in Q1 2012);
  •  EBITDA of USD 28 million (USD 39 million in Q1 2012)
  • Operating margin of 29% (32% in Q1 2012);
  • Net loss of USD 8 million (Net profit of USD 9 million in Q1 2012); 
  • Cash flow generated from operating activities of USD 10 million (USD 35 million in Q1 2012);
  • Issuance of USD 248 million ordinary shares and USD 50 million preference shares        

Financial Highlights first Half Year 2012

  •  Revenues of USD 216 million (USD 198 million in first half year 2011);
  •  EBITDA of USD 66 million (USD 64 million in first half year 2011);
  • Operating margin of 31% (32% in first half year 2011);Net profit of USD 1 million (adjusted net loss of USD 1 million in first half year 2011); 
  • Cash flow generated from operating activities of USD 45 million (USD 64 million in first half year 2011).

 Strategic Highlights Q2 2012

  •  Acquisition of Fairstar Heavy Transport N.V. for USD 90 million (60.4%):
  • Creates strategic position in Logistics Management Services;
  • 30% addition to current and long term backlog;
  •   Four vessels added to Dockwise fleet, with fifth vessel under commission;
  • Accommodates fleet rejuvenation;
  •  Initiated buy out and delisting procedures following control (99%) as of July 2012.

Commercial Highlights Q2 2012

  •  HYSY 278 successfully delivered first Dockwise cargo;
  •  Total rig transports of 15;
  •  Contract awards of USD 109 million in Q2 2012 include:Hebron topside transportation for Exxon Mobil;USA Big Dog Spar Buoy for BP. Post Q2 2012 events
  •  Sustained bookings of short- term work and high- profile longer term projects:
  •  More than USD 35 million booked for execution in 2012 and beyond;

 Backlog
Autonomous backlog at end Q2 2012 was USD 623 million (Q1 2012: USD 587 million) and USD 810 million including Fairstar as at 30 June 2012 excluding options on contracts:

  • USD 217 million for execution in 2012 (USD  101 million at end Q2 2011 for execution in 2011);
  •  USD 287 million for execution in 2013 (USD 200 million at end Q2 2011 for execution in 2012);
  •  USD 306 million for execution in 2014 and beyond (USD 170 million at end Q2 2011 for execution in 2013 and beyond).

 
 
Table 1: Key figures
Q2 2012          Q1 2012

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

People & Company News

HHI to Deploy 3DEXPERIENCE Design Platform

Hyundai Heavy Industries Selects Marine & Offshore Industry Solution Experiences for Design and Engineering of Offshore Structures Dassault Systèmes,

Huisman Debuts Rope Luffing Knuckle Boom Crane

In order to provide reliable solutions for subsea installation in increasingly deeper water and offshore construction in severe weather conditions, Huisman introduces

Scafi Expands Fleet with Italian Damen Tug

Damen is to construct a new ASD 3212 tug for Scafi, the Italian shipping group that includes a number of international towing companies. The contract cements their

Finance

Petroecuador Tenders to Buy High Octane Naphtha

State-run Petroecuador has launched two tenders to buy a total of 22 cargoes, 240,000 barrels each, of high octane naphtha RON 87 and 93 for delivery starting on May 21-23,

DP World in Talks With Banks for $3b Loan

Dubai-owned port operator DP World is in talks with lenders to triple the size of an existing $1 billion loan, as well as extend the lifespan and reduce the interest rate,

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

 
 
Maritime Contracts Maritime Standards Naval Architecture Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar 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: 0.1276 sec (8 req/sec)