Dockwise Declares Monster Growth in First Quarter Results

Dockwise Ltd. announced the following Q1 2008 report:

  • Revenue up 63% to USD 104 million (USD 64 million Q1 2007);
  • Adjusted EBITDA up 53% to USD 51 million (USD 33 million in Q1 2007);
  • Adjusted Net Profit of USD 14.6 million (USD 4.2 million in Q1 2007)
  • Order backlog of Dockwise Heavy Lift (DHL) of USD 264 million, up 13% on Q4 2007 (USD 233 million) and up 75% on Q1 2007 (USD 151 million).
  • Strategic and operational highlights

  • 30 contracts; all successfully executed in Q1 period
  • Encouraging growth in Offshore, T&I and Onshore contract opportunities in the long term;
  • Improving efficiency and utilization, including growth in fleet contributed to improved schedule efficiency and consistently high vessel utilization rates
  • Fleet expansion plans on track: Delivery of tankers Triumph and Trustee to shipyard for conversion and delivery of Mighty Servant 3 to shipyard for refurbishment prior to reinstatement in Dockwise fleet;
  • Appointments of Rob Strijland as Chief Operating Officer and Martin Adler as Chief Commercial Officer bringing further strength to management team.
  • "Having the right vessel, in the right place at the right time is the key to success in our industry," André Goedée, CEO of Dockwise Ltd. Said. "With 17 fully operational vessels in Q1, including the recently arrived Yacht Express, Transporter and Target, Dockwise reaped full benefit from good conditions in our target markets. The planned expansion of our fleet during 2008 will allow us to sustain our growth rate and maintain our outstanding scheduling flexibility. The execution of our strategy is on track and our story remains the same. Dockwise's market leadership is bringing us consistent access to short, medium and long term opportunities across our markets. Our long-standing presence in different market segments, particularly those with short lead times, and the economies of fleet scale we enjoy, have again allowed Dockwise to optimize its vessel utilization. Looking at the financial performance in Q1, and with five vessels due to become operational in 2008, the management continues to be confident of achieving its full year targets."