Dockwise Ltd. -- Q1 2009: continued strong performance

HAMILTON, BERMUDA -- (Marketwire) -- 05/13/09 --

amidst changing markets Dockwise posts strong results

Hamilton, Bermuda, 13 May 2009, DOCKWISE Ltd., Q1 2009 results.

Financial highlights Q1

  * Adj Revenue* up 20% to USD 137 million (Q1 2008: USD 114 million)
  * Adj EBITDA*** up 41% to USD 72 million (Q1 2008:USD 51 million)
  * Adj EBITDA*** as a percentage of revenue increased to 53% (Q1
    2008: 45%)
  * Adj Net profit increased to USD 33 million (Q1 2008: 15 million)
  * Operational cash flow up to USD 40 million (Q1 2008: USD 24
    million)

Strategic highlights

  * High rig mobility underpins strong Heavy Marine Transport
    performance
  * Further cost reductions with focus on direct expenses
  * Fleet optimization program:

       * Divestment of Dock Express 10 effective in Q1 2009
       * Divestment of Dock Express 12 effective in Q2 2009
       * Mighty Servant 3 expected to return to service end May 2009

Backlog

Backlog for Dockwise Heavy Lift (DHL) of USD 407 million

  * up 54 % on Q1 2008 (USD 264 million);
  * up 5 % on Q4 2008 (USD 388 million);

Table 1: Key figures

                                            Q4    Q1    Q1  d Q1 09
(Amounts in USD millions, unaudited)      2008  2009  2008 vs Q1 08

Revenue                                  135.4 127.2 104.0    22.4%
Adjusted revenue *                       145.1 136.7 113.7    20.2%
EBITDA                                    65.5  66.1  44.8    47.5%
Adjusted EBITDA **                        71.7  72.2  51.1    41.4%
Net profit                                22.6  27.3   7.4   268.2%
Adjusted net profit ***                   28.8  33.4  14.6   129.8%

André Goedée, CEO of Dockwise Ltd., commented:

"The first quarter of 2009 was a period of exceptional performance. An unprecedented fifteen rig transports boosted Dockwise revenues and EBITDA. Dockwise's global sales network, together with our fully-optimized twenty vessel fleet, combines a reach in maritime transportation markets with operational flexibility which competitors will find hard to match. These advantages position Dockwise well to cope with the changes in industry and economic cycles. As the year progresses and on the basis of the current backlog the contribution from Offshore\Onshore projects to the overall revenue mix will grow notably.

In recent weeks, the world has been alerted to the scourge of piracy which has, for sometime, been a growing threat to international trade. I wish to reassure our seafarers and our clients that the safety of crews, ships and cargo is of the greatest concern to me and to my colleagues on the Dockwise Board".

A teleconference for analysts and investors following the presentation of Q1 2009 results will be conducted on 13 May 2009, at 15:00 CET; 14:00 GMT (UK); The dial in number for the conference is +44 (0)203 003 2666. The teleconference will be live audio-webcast on the Company's website www.dockwise.com. For following presentation only, the webcast is recommended. For remarks or questions you should dial in on the conference call.

For further information please contact:

Fons van Lith
Tel : +31 651 314 952/ +14415991818
fons.van.lith@dockwise.com

Full Press Release Q1 2009: http://hugin.info/137711/R/1314168/305243.pdf

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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