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 Acquires Offshore Kinematics
Sealift Ltd, the parent company of the Dockwise group of companies has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (OKI) and Ocean Dynamics LLC (ODL). As consideration for the acquisition, the company has agreed to issue 6.9 million new shares, of which 3.2 million will be held in escrow and released in annual installments over 3 years, plus $15.7m in cash to the current principals of OKI and ODL. The company expects revenue synergies and growth potential for the Dockwise Group from these acquisitions. This combination enhances the Dockwise Group position as a leading integrated transport and installation service provider for the Oil and Gas sector, in particular through float overs.
Sealift/Dockwise Acquires OKI and ODL
Sealift Ltd the parent company of the Dockwise group of has signed an agreement to acquire the entire share capital of Offshore Kinematics Inc (OKI) and Ocean Dynamics LLC (ODL). The company has agreed to issue 6.9m new shares, of which 3.2m will be held in escrow and released in annual installments over 3 years, plus $15.7m in cash to the current principals of OKI and ODL.
