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Dockwise Ltd: H1 2008 - a sustained strong start to the year
DOCKF.PK USD 3.30

Financial highlights Q2

* Revenue up 63.1% to USD 115.9 million (USD 71.1 million Q2 2007)
* Adjusted EBITDA* up 69.1% to USD 55.2 million (USD 32.7 million in Q2 2007)
* Adjusted Net Profit** of USD 19.4 million (USD 1.0 million in Q2 2007)
* Record backlog for Dockwise Heavy Lift (DHL) of USD 309 million
o up 110% on Q2 2007 (USD 147 million);
o up 17% on Q1 2008 (USD 264 million);
o backlog extends into 2011.


Strategic and operational highlights

* Steady growth in Offshore, T&I and Onshore backlog, increasing revenue visibility and stability
* Talisman and Treasure delivered according to schedule
o growth in fleet contributing to improved schedule efficiency;
o sustained vessel utilization rates.

* Fleet expansion:
o Triumph and Trustee: delivery by end 2008;
o Mighty Servant 3: delivery December 2008.

* Strong cost management: SG&A reduced despite industry cost pressures and key marketing investment
* Successful tendering secures major long term awards post period end
o Koniambo; Vyborg (LOI); Navantia
o Substantial backlog additions



* Q2 2008 includes three months compensation (USD 6.3 million) for Mighty Servant 3 (see appendix).
** The Q2 2008 Adjusted net profit excludes the amortization of backlog (USD 0.5 million) related to 2007 transactions.


Andre Goedee, CEO of Dockwise Ltd., commented:
"Dockwise has sustained its good operational and financial performance into the second quarter and we are pleased to report a marked strengthening in long term backlog as our strategy of targeting major tenders in the Offshore, T&I and Onshore sectors, yields success. The quarter has also been marked by excellent cost management in the face of industry-wide inflationary pressures. This is a vital discipline as Dockwise further develops its global sales and marketing force to service the fleet. Despite volatility in short term contract lettings, the management team continues to see a strong outlook for the company."

A teleconference for analysts and investors following the presentation of H1 2008 results will be conducted on 28 August 2008, at 13:00 CET; 12.00 GMT (UK); The dial in number for the conference is [phone]. The teleconference will be live audio-webcast on the Company's website www.dockwise.com.

For further information please contact:

Fons van Lith
Tel : [phone]
[e-mail]


Click the link below to read the entire release including all annexes:


Q2 Results 2008
http://hugin.info/137711/R/1246779/269694.pdf

Published: 08:00 28.08.2008 GMT+2 /HUGIN /Source: Dockwise Ltd /OSE: DOCK /ISIN: BMG2786A1062