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Dockwise upbeat on 2009 financial results

February 19 - Managers at Dutch-based heavy lift operator Dockwise have identified a range of strategic and operational highlights for 2009 which meant the group finished the troubled year in good financial health, Andr

Last year, the group's financial strength significantly improved as USD 250 million new equity reduced debt, private equity firm 3i's stake was placed with new long term investors and a successful listing was undertaken on NYSE Euronext's Amsterdam exchange.

New sales offices were opened in Malaysia, Singapore, Russia and Brazil while the award of Bongkot float-over signalled Dockwise's market position as transport and installation services provider. 

Full year fleet utilisation rate of 91 percent in 2009 was barely down on 2008's 99 percent, a bullish performance in the face of the current economic climate.

Goedée says: "The fourth quarter was challenging, with subdued rig and transport markets and keen pricing pressure. However, the efforts of our global sales force secured a high proportion of the available work and we are encouraged that even in difficult times Dockwise can maintain a healthy backlog. The group finished the year with good utilisation rates, healthy cash flows and a performance in line with market expectations.

"At a corporate level the raising of USD 250 million in equity from new and existing shareholders to reduce debt to manageable levels was of vital importance for Dockwise while the Euronext Amsterdam listing, achieved alongside the balance sheet restructuring, offers improved liquidity for investors together with better access to potential future capital for Dockwise." 

Full results information can be seen here: http://ir.dockwise.com/phoenix.zhtml?c=208652&p=RssLanding&cat=news&id=1393033

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