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Dockwise reports record backlog but posts net loss for 2011

February 15

A negative fourth quarter saw the company record a net loss of USD36.1 million, compared to a profit of USD8 million during the third quarter.

The company also recorded an impairment loss of USD29.4 million related to the sale of its yacht transport business, Dockwise Yacht Transport, as well as non-recurring financing costs of USD1.8 million.

Revenues during the quarter also fell to USD87.5 million, down from USD112.9 million during the third quarter. Full year revenue was down 9.2 percent at USD398.6 million.

Dockwise also invested more money during 2011, with capital expenditure topping USD154 million, up from USD40 million a year earlier.

The company also noted USD109 million of capital expenditure in 2011 related to the Dockwise Vanguard new build which it said was continuing on schedule and on budget with delivery expected in the fourth quarter of 2012.

On a positive note, Dockwise exited 2011 with a record high order backlog of USD531 million, up 40 percent on the USD380 million backlog it had at the end of 2010.

André Goedée, chief executive officer of Dockwise, commented: "The fourth quarter concluded a demanding, but ultimately successful, 2011 for Dockwise. Despite arduous trading conditions in our short term markets, prominently reflected in utilisation levels, the company generated good cash flows and maintained a demanding capex programme. We also sustained an impressive marketing effort; backlog now stands at a company record of USD531 million, up 40 per cent up from USD380 million a year earlier.

"Construction of our industry-leading new vessel, the Vanguard, is on time and budget, and the ship has already been booked for two major projects from launch. Dockwise is developing an enviable track record in tackling challenging assignments and as a result we are strongly positioned for the remarkable growth phase ahead in offshore transport and installation projects.

www.dockwise.com

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