Dockwise Ltd :Q3 2012: Operationally sound first quarter for

Dockwise Ltd :Q3 2012: Operationally sound first quarter for combined
Group 
BREDA, THE NETHERLANDS -- (Marketwire) -- 11/08/12 --  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). 
Andre 
Goedee, 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." 
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   website. 
This information is subject of the disclosure requirements pursuant
to section
5-12 of the Norwegian Securities Trading Act. 
Q3 2012 press release: http://hugin.info/137711/R/1656094/535320.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#1656094] 
For further information please contact:
Fons van Lith
M: +31 (0)6 51 314 952
T: +31 (0)76 5484116
E: fons.van.lith@dockwise.com
 
 
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