May 6 - Dockwise had a very cautious start to the year and the company saw a 25 percent drop in operating income, leading to a loss for the first quarter.
Performance was in line with expectations and the company took advantage of a calmer market to accelerate its maintenance program for 2010. As a result, Dockwise is well prepared for an upswing as the year progresses, said André Goedée, the CEO of Dockwise.
The company recorded a loss of USD3.2 million, down from a USD27.3 million profit in the same period last year.
Revenues for the quarter totaled USD95.2 million down from USD127.2million in the same period last year.
Goedée added: "Encouragingly, the first quarter saw increased tendering activity, and a corresponding improvement in long range visibility in our markets. Our strategic view of the industry has been confirmed by the emergence of a new set of major scale float-over and deepwater projects for execution beyond 2012. Dockwise has leadership in this premium market, where we intend to maintain and grow our presence."