Dockwise Ltd: Q4 2011: Record backlog level extended; sustained pricing despite low activity

2012-02-14 08:15:12 -

BREDA, THE NETHERLANDS -- (Marketwire) -- 02/14/12 -- DOCKWISE Ltd. today publishes
results
for the three month period ended 31 December 2011.

Financial Highlights Q4 2011

  * Revenues of USD 88 million (Q3 2011: USD 113 million);
  * EBITDA of USD 30 million (Q3 2011: USD 40 million);
  * Operating margin of 35% (Q3 2011: 36%);
  * Adjusted net loss of USD 5 million (Q3 2011: net profit of USD 8
    million);
      * Impairment on DYT (held for sale) of USD 29.4 million;
      * Non-recurring financing costs of USD 1.8 million.
  * Cash flow generated from operating activities of USD 62 million (Q3
    2011: USD 46 million).

Strategic and Operational Highlights Q4 2011

  * Further optimization of fleet:
      * Dockwise Vanguard production of first sections;
      * Signing of the COOEC vessel management agreement.
  * Contract awards of USD 82 million (Q3 2011; USD 135 million):
      * Includes  significant mining logistics project;
  * 55% vessel utilization, based on 365 days (Q3 2011: 70%);
  * Signed letter of intent to sell DYT.

Financial Highlights FY 2011
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Post 2011 events
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Backlog
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Table 1: Key figures

###PRECONTENT5###

André Goedée, Chief Executive Officer Dockwise, commented:

The fourth quarter concluded a demanding, but ultimately successful,
2011 for
Dockwise. Despite arduous trading conditions in our short term
markets,
prominently reflected in utilisation levels, the company generated good
cash
flows and maintained a demanding capex programme. We also
sustained an
impressive marketing effort; backlog now stands at a company record of USD
531
million, up 40 per cent up from USD 380 million a year earlier.

Construction of our industry-leading new vessel, the Vanguard, is on
time and
budget, and the ship has already been booked for two major projects
from
launch. Dockwise is developing an enviable track record in tackling
challenging
assignments and as a result we are strongly positioned for the remarkable
growth
phase ahead in off-shore Transport & Installation projects.

A teleconference for analysts and investors following the presentation of
Q4
2011 results will be conducted on 14 February 2012 at 14:00 CET; The dial
in
number for the conference is +44 (0)20 3106 4822 UK Toll or +31 (0)20
713 2789 Netherlands Toll confirmation code 5477524. The teleconference can
be
followed via a live audio-webcast: www.dockwise.com : 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.

This information is subject of the disclosure requirements pursuant to
section
5-12 of the Norwegian Securities Trading Act.

Full Press Release Q4 2011:
hugin.info/137711/R/1585290/496281.pdf : hugin.info/137711/R/1585290/496281.pdf

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:

(i) the releases contained herein are protected by copyright and
other applicable laws; and

(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Dockwise Ltd via Thomson Reuters ONE

[HUG#1585290]

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M: +31 (0)6 51 314 952
T: +31 (0)76 5484116
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