Breda, The Netherlands, 25 February 2011, DOCKWISE Ltd., today publishes results for the three month period and full year ended 31 December 2010.
Financial highlights Q4 2010 Revenues of USD 123 million (Q3 2010: USD 109 million); Adjusted EBITDA of USD 50 million (Q3 2010: USD 46 million); Operating margin of 41% (Q3 2010: 42%); Adjusted net profit of USD 17 million before non-recurring items:
o Derecognition of MS3 receivable (USD 8.7 million);
o Balance sheet restructuring cost and loan fee write-offs (USD 5.8 million); Operating cash flow of USD 56 million (Q3 2010: USD 45 million); Heavy lift fleet utilization of 97% (Q3 2010: 84%).
Financial highlights FY 2010 Revenues of USD 439 million (2009: 491 million adjusted); Adjusted EBITDA of USD 176 million (2009: USD 223 million); Operating margin of 40% (2009: 45%); Adjusted net profit of USD 37 million (2009: 63 million); Operating cash flow of USD 164 million (2009: USD 195 million); CAPEX of USD 40 million (2009: USD 28 million); Significant improvement of financial strength;
o Successful completion of USD 103 million rights issue;
o Reduction of net debt to USD 457 million (2009: USD 641 million); Year end net debt/EBITDA ratio 2.7:1 (2009: 3.1:1).
2010 Strategic and operational highlights Further optimization of fleet:
o Decision to build “T-0”, the worlds’ largest semi-sub vessel;
o Sale of MV Enterprise; First contract signed with planned transportation on the “T-0” vessel; USD 100 million Vyborg floatover project successfully completed; Koniambo logistical management contract successfully completed; Full year fleet utilization rate of 81% (2009: 91%).
Backlog Backlog end 2010 USD 380 million (Q3 2010: USD 400 million):
o USD 174 million for execution in 2011
(USD 198 million at end 2009 for execution in 2010);
o USD 109 million for execution in 2012
(USD 65 million at end 2009 for execution in 2011);
o USD 97 million for execution in 2013 and beyond
(USD 61 million at end 2009 for execution beyond 2011). Post 2010 USD 40 million added in contracts and letters of intent

Andre Goedee, Chief Executive Officer, Dockwise, said:
2010 was a demanding year, but Dockwise demonstrated its resilience and we made
strong progress. The Group turned in a solid financial performance in challenging markets.
At an operational level, the Vyborg and Koniambo projects broke new ground in terms of the scale and complexity of the services Dockwise delivers for clients. Strategically, the decision to proceed with our new "Type Zero" vessel promises to give Dockwise a unique presence in a premium segment of the market.
With our principal client industry, oil and gas, in robust health, Dockwise is looking forward to 2011 and beyond. In the short term, we have still fully to shake off the delayed impact of the 2009 oil price slump, however longer term we are encouraged by a number of factors. Sustained buoyancy in the oil price should stimulate the demand for drill rigs for field developments, while we await the recovery in Port & Marine services which historically has followed a macro-economic upturn. Beyond this year, major offshore project activity provides an encouraging horizon.