Dockwise Revenues, Profits Off in First Half

Revenues and profits fell off 15.7 percent and 96.6 percent for heavy-load carrier Dockwise during the first half of 2010. The Netherlands-based oil and gas specialist earned $US207.3 million in the first half of 2010, down from $US245.9 million during the same period last year, while net profits sank to $US1.5 million versus $US44.3 million.

Net profits of $US4.9 million during the second quarter offset a loss of $US3.4 million during the first. Revenues during the second quarter were up 18 percent from the first quarter, to $US112 million.

The fulfillment of contracts executed during the economic downturn was affecting the carrier’s balance sheet, the company said.

Income from Dockwise’s offshore/onshore segment increased to 33 percent of total revenues during the second quarter, more than double the first quarter. The first of two float-overs was completed in July for the Vyborg Project in Korea, with the second to follow in the fall. "The results affirmed our strategic decision to focus on high profile, high value addition floatover projects. Tendering for such assignments, as far ahead as 2015, continues apace," CEO André Goedée said.

Since June, Dockwise has announced US$80 million in new heavy marine transport contracts and is now studying the feasibility of building a 76,292-deadweight-ton semi-submersible vessel.