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 2012);
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 2013;
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
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 period.
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."