Dockwise reported lower revenue and earnings for 2010 but forecast a rebound in 2011 as higher crude prices boost demand for heavy-lift transport in the offshore oil and gas sectors.
The heavy-lift shipping company's revenue shrunk 8 percent to $439.1 million from $478 million in 2009 and net profit dropped more than 64 percent to $16.4 million from $45.9 million as it has "still to fully shake off the delayed impact of the 2009 oil price slump," the company said in a statement.
The Netherlands-based company's order backlog at the end of 2010 was worth $380 million, up 17 percent from $324 million a year ago.
Fourth quarter revenue slipped to $122.9 million from $118.3 million, but the company swung to a net profit of $2.8 million from a loss of $15.8 million in the year-ago period.
The company moved 15 jack-up and semi-submersible drilling rigs in the fourth quarter taking the full year total to 41 rigs.
Dockwise CEO Andre Goedee gave an upbeat assessment of prospects in 2011 and beyond. "The evidence across our industry is of a sustained upturn," Goedee said. "With our principal client industry, oil and gas, in robust health, Dockwise is looking forward to 2011 and beyond."
Goedee said the decision to proceed with a $240 million order for a ship with a lift capacity of 110,000 tons for delivery in 2012 would give Dockwise a "unique presence in a premium segment of the market."
"From 2012 onward, we see a growing set of major offshore new production and development projects for which we are aggressively positioning Dockwise to be the offshore service provider of choice."
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