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ROGTEC Magazine - Russian Oil & Gas Technologies - News, Reviews & Articles

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

Tuesday, February 14th, 2012

DOCKWISE Ltd. today publishes results for the three month period ended 31 December 2011.

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.

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

- Revenues of USD 399 million (2010: USD 439 million);
- EBITDA of USD 134 million (2010: USD 167 million);
- Operating margin of 34% (2010: 38%);
- Adjusted net profit of USD 2 million (2010: USD 37 million);
- Cash flow generated from operating activities of USD 173 million (2010: USD 164 million);
- 68% vessel utilization, based on 365 days (2010: 71%);
- Net debt of USD 480 million (2010: USD 511 million);
- CAPEX of USD 154 million (2010: 40 million):
– Maintenance & projects: USD 45 million;
– Vanguard: USD 109 million.

Post 2011 events

- More than USD 50 million booked for execution in 2012;
- DYT divestment on schedule for Q1 2012.

Backlog

- Backlog at end 2011 USD 531 million (Q3 2011: USD 512 million):
– USD 245 million for execution in 2012 (USD 174 million at end 2010 for execution in 2011);
– USD 171 million for execution in 2013 (USD 109 million at end 2010 for execution in 2012);
– USD 115 million for execution in 2014 and beyond (USD 97 million at end 2010 for execution in 2013 and beyond).

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