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 debt/EBITDA ratio 2.9:1
 
2009 Strategic and operational highlights
Dockwise financial strength significantly improved:
    USD 250 million new equity used to reduce debt by USD 235 million
    Successful placement of 3i stake with new long term investors
    Secondary listing on NYSE Euronext Amsterdam
New sales office in Malaysia, Singapore, Russia and Brazil;
Completed CPOC float-over as primary project contractor to client;
Bongkot float-over award signals Dockwise's market position as transport and installation services provider;
Full year fleet utilization rate of 91% (2008: 99%)
 
Backlog
Backlog end 2009 for Dockwise Heavy Lift of USD 324 million (Q3 2009: USD 339 million):
    USD 198 million for execution in 2010 (USD 174 million at the end of 2008 for execution in 2009)
    USD 65 million for execution in 2011 (USD 176 million at the end of 2008 for execution in 2010)
    Post year end almost USD 25 million new contracts signed