Dockwise Ltd : Q4 2012: Strong finish to 2012; Dockwise entering period of sustained growth

13 februari 2013 Breda, the Netherlands, 13 February 2013, DOCKWISE Ltd. today publishes results for the three month period ended 31 December 2012. Results of Fairstar Heavy Transport N.V. are fully consolidated within the financial statements for Dockwise Ltd. as from 1 July 2012.  Financial Highlights Q4 2012 * Revenues of USD 187 million (USD 136 million in Q3 2012); * Adjusted EBITDA of USD 64 million (USD 51 million in Q3 2012); * Operating margin of 32% (36% in Q3 2012); * Adjusted net profit of USD 27 million (USD 12 million in Q3 2012); * Cash flow generated from operating activities of USD 58 million (USD 49 million in Q3 2012). Operational & Commercial Highlights Q4 2012 * Utilization rate of 81% (81% in Q3 2012: including Fairstar); * 14 rig transports in Q4 2012 (17 in Q3 2012); * Float-over installation of the 30,000 tons record weight topside for the SHWE project; * Fairstar organization integrated and financing extended. Strategic Highlights * Finesse delivered; * White Marlin new build contract (conversion from Fathom) confirmed; * Boskalis indicative offer at EUR 17.20 revised to mandatory offer at EUR 18.50 per share; * Strategic rationale supported by Dockwise Board. Financial Highlights FY 2012 ·         Revenues of USD 539 million (2011: USD 399 million); ·         Adjusted EBITDA of USD 181 million (2011: USD 135 million); ·         Operating margin of 32% (2011: 34%); ·         Adjusted net profit of USD 40 million (2011: USD 2 million); ·         Cash flow generated from operating activities of USD 152 million (2011: USD 173 million); ·         74% vessel utilization (2011: 68%); ·         CAPEX of USD 232 million (2011: 154 million). Post Q4 2012 events * Delivery of Dockwise Vanguard on 31 January 2013; * Dockwise Vanguard successfully loaded first cargo; * USD 48 million booked for execution 2013 and beyond; * Boskalis offer recommended by Dockwise Board. Backlog Backlog at end 2012 was USD 674 million (Q3 2012: USD 766 million): * USD 348 million for execution in 2013 (USD 245 million at end 2011 for execution in 2012); * USD 108 million for execution in 2014 (USD 171 million at end 2011 for execution in 2013); * USD 218 million for execution in 2015 and beyond (USD 115 million at end 2011 for execution in 2014 and beyond). Table 1: Key figures (unaudited)  Q4  FY 2012 vs 2012 Q4 Q3 Q3 2012 Q4 (x USD FY FY vs FY 2012   2012     2011   1,000,000)   2012   2011   2011 --------------------- ---------------- ----------------------------     . 187.3   135.7     38.0% 87.5   Revenue   539.4   398.6   35.3% 59.4   48.6     22.2% 30.8   EBITDA   174.2   134.8   29.2% Adjusted 63.5 (1) 50.9 (1)   24.8% 30.8   EBITDA 180.6 (1) 134.8   34.0% Net profit 17.0 ( ) 3.5   ( ) n.m. (35.7)   / (loss) 21.1   (33.0)   n.m. Adjusted net profit 27.0 (2) 12.1 (2) ( ) 123.1% (4.5)   / (loss) 39.7 (2) 2.4 (3) n.m. (1 )Excludes one off expenses relating to the Fairstar transaction of some USD 4.4 million (Q3: USD 2.3 million and Q4:   USD 2.1 million), and additional costs relating to the Boskalis offer of some USD 2.0 million (Q4: USD 2.0 million). (2) Includes adjustment item 1 and excludes the following items:     - Amortization of the backlog and trade name Fairstar of some USD 10.0 million       (Q3: USD 2.3 million and Q4: USD 7.7 million);     - Fair value adjustment of the previously held equity investment in Fairstar of USD 4.0 million loss      (Q3: USD 4.0 million);     - Renegotiated financing fees Fairstar of some USD 1.8 million profit (Q4: USD 1.8 million). (3 )Excludes impairments DYT Business USD 29.4 million (Q4 and FY 2011), excludes non-recurring finance costs USD 1.8 million   (Q4 and FY 2011) and excludes impairments Explorer USD 4.2 million (FY 2011). Table 2: Earnings per Share based on the average number of shares (unaudited) Q4 2012   Q3 2012       Q4 2011       FY 2012   FY 2011 --------------------- --------- ------------------ Basic earnings per 0.430   0.088       (1.353)   share   0.623   (1.252) Adjusted basic earnings per 0.682   0.306       (0.168)   share(1)   1.173   0.092 Diluted earnings 0.429   0.088       (1.353)   per share   0.620   (1.252) (1)Based on Adjusted net profit/(loss). André Goedée, Chief Executive Officer Dockwise, commented: "Dockwise is proud of its performance in 2012. We have delivered good growth for the year and chalked up some impressive operational milestones. In Fairstar, we completed a difficult acquisition and have conducted a successful harmonious integration. As we prepare to merge with Boskalis, I would highlight our major achievements in the five years since IPO. From a commodity sea haulage business, we have built the oil & gas services provider our clients need. We have maintained leadership in our core heavy marine transport business while successfully developing two further commercial pillars: transport & installation and logistics management. From an original fleet of 11, we have grown Dockwise to 25 vessels, converting and building ships to reflect the evolution of the energy industry offshore as ever larger structures require moving and installing in ever more remote places. We have led and consolidated our own industry, and year on year set records for the largest and most difficult tasks. We continue to see an outstanding commercial opportunity to develop the services we pioneered for decades to come. With the support of a larger group, we will now accelerate our business in scope and scale to satisfy global client demand." A teleconference for analysts and investors following the presentation of Q4 2012 results will be conducted on February 13,  2013, at 14:00 CET; The dial in number for the conference is +44(0)20 7136 2050 United Kingdom and +31(0)20 713 2790 Netherlands confirmation code 9866243. The teleconference can be followed via a live audio-webcast: www.dockwise.com. Participating in the conference requires that you dial in using our conference call number. The presentation will be made available at 12:00 CET through Oslo Newsweb and the Dockwise website. For further information please contact: Fons van Lith M: +31 (0)6 51 314 952 or T: +31 (0)76 5484116 E: fons.van.lith@dockwise.com This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. vanguard maiden voyage: http://hugin.info/137711/R/1677590/547150.pdf PDF release: http://hugin.info/137711/R/1677590/547148.pdf This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Dockwise Ltd via Thomson Reuters ONE [HUG#1677590]