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Dockwise positions itself for offshore growth

ebruary 28 - Dockwise recorded adjusted 2010 full year revenues of USD439 million, down on 2009.

The company remains upbeat in its outlook but says that it has "still fully to shake off the delayed impact of the 2009 oil price slump."

Dockwise, with a fleet of 19 semi-submersible vessels and a USD240 million ultra-large heavy lift vessel on order, reported full year adjusted earnings before interest, taxes, depreciation, and amortisation of USD176 million - down on 2009 - while 2010 net profit of USD37 milllion fell from an adjusted USD63 million in 2009.

Andre Goedee, Dockwise chief executive said: "2010 was a demanding year, but Dockwise demonstrated its resilience and we made strong progress. The group turned in a solid financial performance in challenging markets."

Mr Goedee claimed that that the decision to order the 'Type Zero' ultra-large heavylift vessel will give the company a "unique presence in a premium segment of the market".

Mr Goedee added: "With our principal client industry, oil and gas, in robust health, Dockwise is looking forward to 2011 and beyond. In the short term, we have still fully to shake off the delayed impact of the 2009 oil price slump, however longer term we are encouraged by a number of factors.

"Sustained buoyancy in the oil price should stimulate the demand for drill rigs for field developments, while we await the recovery in port and marine services which historically has followed a macro-economic upturn. Beyond this year, major offshore project activity provides an encouraging horizon."

For the last three months of 2010, Dockwise reported a "healthy performance" with revenues of USD123 million, against an adjusted result of USD118.2 million for the same period of 2009.

Dockwise said uit sees evidence of a "sustained upturn", but as a "late-cycle business", the benefits are likely to longer to feed through than to elsewhere in the oilfield services sector.

"Looking beyond this year, and assessing generational rather cyclical change, we are encouraged. From 2012 onward, we see a growing set of major offshore new production and development projects for which we are aggressively positioning Dockwise to be the offshore service provider of choice."

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