abce certificate
Thursday, 21 August, 2008, 20:10 GMT | more prices >>

Finance costs sink Dockwise profits



By Upstream staff 

Heavy transport contractor Dockwise reported year-to-date revenues up 13% year-on-year but financing costs of its merger with Sealift as well as its recent Oslo listing drove net earnings into the red.

The company was also hit by costs related to the recovery of its Mighty Servant 3 heavy-lift vessel, due to be completed at the end of next year. The vessel sank in 60 metres of water off Angola in December.

Dockwise reported a nine-month net loss of $55.6 million, compared to net profit of $40.8 million in the same period in 2006. Revenues for the period rose to $206 million from $182.2 million previously.

Dockwise merged with Sealift in a “reverse acquisition” announced in May. The company listed on the Oslo stock exchange on 2 October. Through Sealift, Dockwise also bought floatover installation specialist Offshore Kinematics and its engineering partner Ocean Dynamics in July.

Dockwise’s heavy lift operations saw revenues rise to $179.8 million in the period from $153.6 million previously. Backlog for heavy lift operations hit $224 million on 30 September.


Monday, 12 November, 2007, 18:30 GMT  | last updated: Monday, 12 November, 2007, 18:31 GMT

Bringing it onboard: Dockwise bought floatover specialists Offshore Kinematics and Ocean Dynamics in June
 

e-mail this article to a colleague


to email:  from:
comments: