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Financial highlights Q3 * Revenue up 42.5% to USD 101.3 million (Q3 2007: USD 71.1 million)
* Adjusted EBITDA* up 24.1% to USD 43.5 million (Q3 2007:USD 35.0 million)
* Strong operational and free cashflow - Operational cashflow of USD 52 million up 16% (Q3 2007: USD 45 million) - Additional non-recurring cashflow of USD 14 million from sale of midship sections of Trustee and Triumph
* Record backlog for Dockwise Heavy Lift (DHL) of USD 412 million - up 84% on Q3 2007 (USD 224 million); - up 33% on Q2 2008 (USD 309 million);
* 25 basis point reduction in interest rates as Net Debt/EBITDA ratio responds to strong operational performance
Strategic and operational highlights * Successful tendering secures major long term awards - Koniambo onshore industrial project - Vyborg transport & installation contract - Navantia military project - Backlog now extends to 2014
* Fleet expansion program: - ahead of budget; CAPEX saving some USD 20 million - Triumph and Trustee: delivery by end 2008 - Mighty Servant 3: delivery now expected first quarter 2009 - Mighty Servant 1 lifetime extension project; economic life extended by 10 years
André Goedée, CEO of Dockwise Ltd., commented: "Our performance in the year to date, together with our backlog successes during the third and fourth quarters, sustain management's confidence that Dockwise will achieve its full year guidance. Furthermore, long term backlog has increased substantially showing the group's success in targeting major tenders in the Offshore, T&I and Onshore sectors.
With the expansion and upgrade of our fleet nearing completion, we can now focus with greater intensity on our next priority: to utilize our free cash flow to substantially deleverage the balance sheet in 2009."
A teleconference for analysts and investors following the presentation of Q3 2008 results will be conducted on 18 November 2008, at 10:00 CET; 9:00 GMT (UK); The dial in number for the call is 0800 2799127 (calling from UK), 0800 0233588 (calling from Netherlands), 800 13830 (calling from Norway) or 1866 7934272 (calling from USA). For mobile phones or other countries the dial in number is +31 20 7132757. The teleconference will be live audio-webcast on the Company's website www.dockwise.com. For following presentation only, the webcast is recommended. For remarks or questions you should dial in on the conference call.
For further information please contact:
Fons van Lith Tel : +14415991818 fons.van.lith@dockwise.com
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