New contracts and variation orders
New contract wins include the transportation of the Bigfoot semi-submersible platform for Daewoo/Chevron from South Korea to the Gulf of Mexico in 2012, and eight short term contracts for execution in Q3 and Q4 2011. Confidential variation orders, agreed with an undisclosed client, giving the client greater flexibility in their loading window whilst relinquishing them from existing commitments, will contribute to profits for Q3 2011, as well as add to backlog. Combined, these new contract and variation orders permit Dockwise to report a more than USD 55 million addition to backlog, distributed USD 20 million in 2011 and USD 35 million in 2012 and beyond.
Improved payment terms and advances
Dockwise has secured an adjustment to the payment terms and conditions for Dockwise Vanguard, under which the scheduled Q1 2012 payment will now fall due in Q2. At the same time revised terms will secure an increase in initial payments on a major contract. These advantageous changes will make a material contribution to FY 2011 and Q1 2012 cash flows and working capital.
Dockwise Chief Executive Officer, André Goedée, commented:
"We continue to sustain backlog at record levels, cementing Dockwise's leadership position in the Heavy Marine Transportation and Installation market, and we are confident we will continue to book successfully for the period 2012 and beyond.
As previously outlined, the company is in a period of migration from an environment driven by short term market factors to a more stable growth period characterized by longer term projects and better visibility. The new contracts, revised contractor and client terms will help smooth this transition and ensure that Dockwise meets its bank covenants for the foreseeable future.
Source: Dockwise
Source: Dockwise
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