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Dockwise notes benefits of Fairstar acquisition

August 15 - Headquartered at Breda, in the Netherlands, heavy marine transportation specialist Dockwise has posted revenues of USD216 million for the half-year period ended June 30, 2012, compared to USD198 million in the first half of the previous fiscal

With an operating margin of 31 percent (compared to 32 percent in the first half year in 2011), Dockwise revealed a net profit of USD1 million for the fiscal period (against an adjusted net loss of USD 1 million in the first half period, one year earlier).

The company noted that the strategic highlights of the second quarter of this year included the acquisition of 60.4 percent of the remaining shares in Fairstar Heavy Transport for USD90 million, giving Dockwise 99 percent control of the company as of July 2012.

Commenting on the results, Dockwise ceo André Goedée said: "After a steady first half in line with expectations, Dockwise looks ahead with optimism on all fronts."

Noting that the Fairstar acquisition "accelerates several strategic objectives", he added that the company is "rapidly assembling resources from across the combined group to develop our Logistics Management business; a key aim of the merger".

Goedée remarked: "In this division, a fresh combination of people, skills, client relationships and assets give us global leadership in an expanding sector."

As an illustration, he pointed out that Dockwise already has three vessels on project for the massive Gorgon development in Western Australia, one of the world's largest natural gas projects, with a fourth due to join the fleet in October.

www.dockwise.com

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