Dockwise Ltd : Q4 2012: Strong finish to 2012; Dockwise Entering Period of Sustained Growth

DOCKWISE Ltd. today publishes results for the three month period ended 31 December 2012. Results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. as from 1 July 2012.

 Financial Highlights Q4 2012

Operational & Commercial Highlights Q4 2012

• Utilization rate of 81% (81% in Q3 2012: including Fairstar);
• 14 rig transports in Q4 2012 (17 in Q3 2012);
• Float-over installation of the 30,000 tons record weight topside for the SHWE project;
• Fairstar organization integrated and financing extended.

Strategic Highlights

• Finesse delivered;
• White Marlin new build contract (conversion from Fathom) confirmed;
• Boskalis indicative offer at EUR 17.20 revised to mandatory offer at EUR 18.50 per share;
• Strategic rationale supported by Dockwise Board.

Financial Highlights FY 2012

·         Revenues of USD 539 million (2011: USD 399 million);
·         Adjusted EBITDA of USD 181 million (2011: USD 135 million);
·         Operating margin of 32% (2011: 34%);
·         Adjusted net profit of USD 40 million (2011: USD 2 million);
·         Cash flow generated from operating activities of USD 152 million (2011: USD 173 million);
·         74% vessel utilization (2011: 68%);
·         CAPEX of USD 232 million (2011: 154 million).

Post Q4 2012 events

• Delivery of Dockwise Vanguard on 31 January 2013;
• Dockwise Vanguard successfully loaded first cargo;
• USD 48 million booked for execution 2013 and beyond;
• Boskalis offer recommended by Dockwise Board.

Backlog
Backlog at end 2012 was USD 674 million (Q3 2012: USD 766 million):

• USD 348 million for execution in 2013 (USD 245 million at end 2011 for execution in 2012);
• USD 108 million for execution in 2014 (USD 171 million at end 2011 for execution in 2013);
• USD 218 million for execution in 2015 and beyond (USD 115 million at end 2011 for execution in 2014 and beyond).
  

André Goedée, Chief Executive Officer Dockwise, commented:

“Dockwise is proud of its performance in 2012. We have delivered good growth for the year and chalked up some impressive operational milestones. In Fairstar, we completed a difficult acquisition and have conducted a successful harmonious integration.

As we prepare to merge with Boskalis, I would highlight our major achievements in the five years since IPO. From a commodity sea haulage business, we have built the oil & gas services provider our clients need. We have maintained leadership in our core heavy marine transport business while successfully developing two further commercial pillars: transport & installation and logistics management.
From an original fleet of 11, we have grown Dockwise to 25 vessels, converting and building ships to reflect the evolution of the energy industry offshore as ever larger structures require moving and installing in ever more remote places. We have led and consolidated our own industry, and year on year set records for the largest and most difficult tasks.

We continue to see an outstanding commercial opportunity to develop the services we pioneered for decades to come. With the support of a larger group, we will now accelerate our business in scope and scale to satisfy global client demand.”