Dockwise Q2

Raskaan rahdin kuljettajan toisen kvartaalin luvut:

Liikevaihto $119 milj. +2%
Operatiivinen kassavirta $61 milj.(+126%)
Liikevoitto 35.61 milj. (+7%)
Nettotulos $17 milj.(+35%)

P/E 3.75

Tase
Varat
Lyhytaikaiset $131.08 milj.
Kaikki $1,715.51 milj.
Velvoitteet
Lyhytaikaiset $155.36 milj.
Kaikki $1,089.42 milj.
Omapääoma $626.08 milj.

P/B 0.43


Sopimuskirja (30.06.2009) $367 miljoonaa

Näkymät

"With major and national oil companies maintaining their exploration and development programmes, there is little evidence of cancellations or longer term reduced mobility in the rig market. However, clients continue to be cautious before contracting transport services.
Moreover delays to financing arrangements are holding up the finalization of contracts for new build rigs and equipment. Encouragingly, tender opportunities for the largest and most technically challenging Transport, Installation & Logistics projects are showing steady growth and as an organization, Dockwise is learning how to secure these contracts. The outlook for Dockwise’s 2009 performance remains good, even though shortening lead times for certain market segments, particularly rig transports, are not contributing to visibility. Based on the results for the first half, together with the current backlog and tender activity, Dockwise expects to deliver a financial performance for 2009 in line with expectations and to perform comfortably within its banking covenants. In the current
economic climate, our internal net debt / EBITDA target of 3 by the end of 2009 is more challenging, although management regard it as an achievable goal in the near to medium term.
For 2010, a clearer outlook is forming, where the transformation of Dockwise into a full service maritime transportation company has secured a number of major scale projects, already representing backlog of nearly USD 200 million."

Raportti(.pdf)

Dockwise Q1

Dockwise(OSE:DOCK), the Bermudan oceanborne transporter of things that are heavy reports Q1



Revenue $127.2 million (+22.3%)
EBITDA 66.1 million (+47.5%)
Net cash generated from operating activities 26,64 million (+25.6%)
Net profit $27.3 million (+268.9%)
EPS $0.12

Balance sheet
Assets
Current $161,35 million
Total $1,759.89 million

Liabilities
Current $175,68 million
Total $1,163,89 million

Equity $596.00 million

P/B 0.45

Current contract backlog $407 million (+54% y-o-y)

Presentation(.pdf)


I: A very interesting company, but at the moment a very highly leveraged one as the assets include $600 million worth of intangibles.

Dockwise

Dockwise Ltd.(OSE:DOCK)

"Dockwise Ltd. is the Bermuda domiciled/resident holding company of the Dockwise group. The Dockwise group of companies comprises four global operating companies that provide specialty services primarily in the heavy marine transport and the oil and gas services industries."

"Dockwise operates in 6 different market segments:
Offshore Structures: all fixed and mobile structures used for the production of Oil & Gas, i.e. jackets, modular topsides, floating production units, SPAR buoy’s, TLP’s and semi-submersible platforms. Drilling Rigs: this segment includes 2 sub segments: jack-up drilling rigs and semi-submersible drilling rigs. Military: all military related transports, i.e. submarines, mine sweepers/hunters, dry-docks, radar platforms and all associated logistics services as well as testing.
Cranes: all container terminal related heavy equipment such as: pre-assembled container cranes, rubber tired gantry cranes, etc. Port & Marine Infrastructure: this segment includes all equipment associated with building and operating of marine infrastructure, i.e. dredging equipment, floating cranes, grain elevators, power barges, transport barges, dry-docks and yard facilities, etc. Yachts: Transportation of luxury yachts."

Market Value: 1.086 billion NOK(~$159 million)

Revenue: 2007: $290.1 million(Heavy lift 86%, Yacht transport 14%) 2006: $252.0 million 2005: $208.3 million

EBITDA 2007: $104.53 million 2006: $101.8 million 2005: $89.3 million

Order Backlog: 30.09.2008 $412 million, 31.12.2007 $233 million

EPS: FY2007: $-0.43

Total Assets(30/09/2008): $1,700 million

Total Liabilities: $1,700 million

Fleet: 14 semi-submersible open deck vessels, 3 Dock-type vessels,4 Yacht Carriers

Top Five Shareholders: INVESCO Asset Management Limited 6.3%,Franklin Templeton Investment Management Ltd.6.3%, ODIN Forvaltning AS 5.4%, Schroder Investment Management Ltd. 2.4%, Wellington Management Company LLP 1.9%

Dockwise was offloaded to the Oslo Stock Exchange by the British private equity group 3i and crude carrier Frontline in 2007. Like most public companies that have recently been in the hands of private equity Dockwise is loaded with debt. All the cash that the company generates is used to pay interest and reduce debt and there are currently no earnings to report.

With the increase in offshore oil exploration and production in the recent years and in the future the transportation of drilling vessels, production installations and large components will grow significantly. The risks of this business are very real and significant, example one and two.
In the end of September the company had a order backlog $412 million including contracts that will be executed in 2014. Great majority of the heavy transport contract are completed months or years prior to the actual transportation, which should provide visibility into the development of Dockwise's business.

Dockwise pr-video(Youtube)

Sunny days for breakbulk(from 2007)