October 19 - Dockwise recorded a 83.6 0ncrease in net profit to USD8.1 million for the third quarter, thanks to tighter cost control as revenue growth slowed amid subdued market conditions. Compared to the third quarter of 2008, revenue grew 12.4% to USD1
Adjusted revenue increased 2.6% to USD113.9 million from USD110.9 million in the previous year, but this includes compensation for Mighty Servant 3, which sank off Angola and divestment gain.
During the quarter, Dockwise completed a floatover project for Carigali-PTTEP Operating Company's (CPOC) B-17 gas project in the Gulf of Thailand and transportation of structures for StatoilHydro's Gjoa project in the North Sea. The company moved to a new HQ and opened new sales and operational offices in Moscow and Singapore.
Its outstanding order book stands at USD339 million, down from USD367 million in the second quarter of this year with approximately USD72 million of the outstanding orders to be executed in 2009.
The transportation giant has pared down its long-term debt by almost USD100 million to USD928 million.
CEO, André Goedée, commented: "In the third quarter, Dockwise delivered a solid performance against a background of subdued markets. The determined steps we have taken to hold down our cost base while growing our fleet, have enabled us to move forward the operating margin from 39 to 43 per cent, for the comparable period.
The third quarter, as in 2008, was affected by the holiday season. Additionally we are observing an underlying reduction in commercial activity levels in oil & gas related transportation markets. We believe this to be a short term development rather than a structural trend. We have confidence in the medium and long term prospects for Dockwise and that we will continue to create long term, sustainable value for our shareholders."