Breda, The Netherlands, 12 August 2010, DOCKWISE Ltd., today publishes unaudited results for the three month and half year period ended 30 June 2010.
Financial highlights Q2 2010
• Revenues of USD 112 million (Q1 2010: USD 95 million);
• EBITDA of USD 48 million (Q1 2010: USD 31 million);
• Operating margin of 43% (Q1 2010: 33%);
• Net profit of USD 4.9 million (Q1 2010 net loss of USD 3.4 million);
• Accelerated depreciation (USD 6 million) of MV Enterprise ahead of disposal;
• Operating cashflow of USD 30 million (Q1 2010: USD 33 million).
Strategic and operational highlights
• First of two float-overs for Vyborg Project in Korea;
• Appointed manager of COOECs’ 50,000 metric ton Type II “new build”;
• Divestment of MV Enterprise for completion in Q3;
• Q2 Vessel utilization of 75% (Q1 2010: 71%);
• Strong cost control reducing H1 SG&A by 15%;
• Reduction in H1 of net debt from USD 641 million to USD 618 million;
• Feasibility study for new “Type 0” (larger than Blue Marlin) semi-submersible vessel
– service capacity to further strengthen market position
– potential equity raise of USD 50-100 million subject to business case
Backlog
• Q2 2010 backlog of USD 389 million (Q1 2010: USD 366 million):
o USD 136 million for execution in 2010 (USD 109 million at end Q2 2009 for execution in 2009);
o USD 126 million for execution in 2011 (USD 188 million at end Q2 2009 for execution in 2010);
o USD 92 million for execution in 2012 (USD 39 million at end Q2 2009 for execution in 2011);
o USD 35 million for execution beyond 2012;
o Post Q2 almost USD 45 million new contracts secured for backlog.
[mappress]
Source: dockwise, August 15, 2010