Reduced results for Dockwise

Dockwise has published its results for the three month period ended March 31, 2010.

Financial highlights Q1 2010

• Revenues of US$95 million (Q4 2009: US$118 million)
• EBITDA of US$31.4 million; operating margin of 33 percent (Q4 2009: 36 percent)
• Net loss of US$3.4 million before non-recurring items:
• Profit on debt buy backs of US$0.6 million.
• Operating cash flow of US$33 million (Q4 2009: US$ 43 million)
• Net debt reduced by US$10 million to US$631 million
• Financing costs down 30 percent to US$12.8 million (Q1 2009: US$18.4 million)

"As anticipated, Q1 was a period of subdued operational activity," said Andre Goedee, CEO of Dockwise.

"Performance was in-line with expectations and the company took advantage of quieter markets to accelerate its 2010 maintenance programme. As a result, Dockwise is well-prepared for upturn as the year develops.

"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."

{WISroYQ symbol='DOCK.OL'}