Dockwise on course to meet expectations
Dockwise’s bottom line was boosted by fleet expansion and overall average higher contract values, combined with a reduction in the level of direct and administrative expenses.Revenues for the period increased by 2.0 percent to USD 119 million (compared to USD 116 million in the same period last year.)During the period the company announced plans to acquire Yacht Path International, opened a new sales office in Singapore. decided to relocate its corporate HQ to Breda in the Netherlands and saw the return to service of Mighty Servant 3. According to company CEO, André Goedée: “Dockwise has had a good second quarter, and in quieter market conditions the business is displaying its strengths. This steady operational performance has allowed us significantly to deleverage the business by nearly USD 100 million in the first half of 2009, and we continue in our efforts to strengthen the balance sheet. Stringent cost discipline and a stop on hiring of new personnel is and will be continued.”Dockwise’s global spread has given us access to business wherever it has emerged, while utilisation rates of over 90 percent have sustained a healthy EBITDA margin and strong cash generation. With rig transportation levels lower than in recent record periods, the growing significance of our non oil-and-gas-related business to the revenue mix is apparent. Contractual delays, as previously indicated, continue to be an influencing factor, but we are encouraged to see no slowdown in tendering activity.