Dockwise Ltd :Q3 2012: Operationally sound first quarter for combined Group
2012-11-08 07:06:17 -
Breda, the Netherlands, 8 November 2012, DOCKWISE Ltd. today publishes results
for the three month period ended 30 September 2012. As from 1 July 2012, results
of Fairstar Heavy Transport N.V. are fully consolidated within the financial
statements for Dockwise Ltd.
Financial Highlights Q3 2012
* Revenues of USD 136 million of which USD 21 million from Fairstar (USD 97
million in Q2 2012);
* Adjusted EBITDA of USD 51 million of which USD 13 million from Fairstar (USD
28 million in Q2 2012);
* Operating margin of 36% (29% in Q2 2012);
* Adjusted net profit of USD 12 million (net loss of USD 8 million in Q2
* Cash flow generated from operating activities of USD 49 million (USD 10
million in Q2 2012).
Operational & Commercial Highlights Q3 2012
* Utilization rate of 79% (60% in Q2 2012);
* Total rig transports of 17 in execution during Q3 2012 (15 in Q2 2012);
* Delivery of floating super-pallets for HPX3 mining project in Australia;
* Four vessels deployed on Gorgon project.
Post Q3 2012 events
* USD 35 million booked predominately for execution beyond 2012;
* Finesse scheduled for delivery 22 November 2012, Vanguard for 14 January
* Third yard payment in Q4 2012 of USD 46 million for Vanguard; fourth and
final installment of USD 46 million now due upon delivery of the vessel
in Q1 2013;
* Naming ceremony for Finesse on 31 October 2012;
* Agreement with GSI on commissioning of White Marlin (formerly named Fathom)
at some USD 150 million investment (excluding capitalized interest);
* Duration preference shares extended for up to one year from 5 October 2012;
* The ING syndicate loan facility has been renegotiated.
Backlog at end Q3 2012 was USD 766 million (Q2 2012: USD 810 million):
* USD 141 million for execution in 2012 (USD 58 million at end Q3 2011 for
execution in 2011);
* USD 323 million for execution in 2013 (USD 186 million at end Q3 2011 for
execution in 2012);
* USD 302 million for execution in 2014 and beyond (USD 268 million at end Q3
2011 for execution in 2013 and beyond).
André Goedée, Chief Executive Officer Dockwise, commented:
"The third quarter has seen good operational progress. In particular, we are
encouraged to see the Fairstar acquisition fulfilling our plans with a full
roster of Logistics Management work on the Gorgon project and a strong
contribution to Group financial performance from the existing three vessels.
Looking ahead to the final two new build Fairstar vessels, we see strategic
advantages both in terms of the markets they will serve and the rejuvenation of
the fleet with capex savings. The Finesse will join the fleet in the fourth
quarter and will be fully deployed through 2013. Redesign of the White Marlin
would give us valuable commercial flexibility, while also saving the cost of
converting the Black Marlin and keeping her operational during a critical
Tendering remains busy and we continue to be encouraged by the medium term view
of our clients' industries. While awards are not made at regular intervals, and
timing of execution may in some cases be shifting, we are confident there will
be opportunities to establish new backlog records in the future."
A teleconference for analysts and investors following the presentation of Q3
2012 results will be conducted on November 8, 2012, at 14:00 CET; The dial
in number for the conference is +44(0)20 7136 2055 United Kingdom and
+31(0)20 713 2998
Netherlands confirmation code 6953394. The teleconference can be followed
via a live audio-webcast: 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
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q3 2012 press release:
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Source: Dockwise Ltd via Thomson Reuters ONE