Dockwise, the Dutch heavy-lift shipping company, unveiled sharply higher revenue and earnings for the fourth quarter of 2012 on the eve of its $990 million takeover by Boskalis, the Netherlands-based dredging and marine services group.
The Oslo- and Amsterdam-listed company’s revenue rose to $187 million in the three months to Dec. 31 from $136 million in the previous quarter; adjusted net income more than doubled to $27 million from $12 million.
Full year revenue grew to $539 million from $399 million in 2011 and adjusted net profit soared to $40 million from $2 million. The order backlog at the end of 2012 was worth $674 million.
Before releasing its latest results, the Dockwise board recommended the takeover by Boskalis, which twice raised the price for the heavy-lift shipowner. Boskalis controls more than 42 percent of Dockwise’s shares and has the support of an additional 50 percent for its mandatory offer.
“With the support of a larger group, we will now accelerate our business in scope and scale to satisfy global client demand,” Dockwise CEO Andre Goedee said.
The company, which has a 25-ship fleet, took delivery at the end of January of the Dockwise Vanguard, the world’s biggest heavy-lift vessel with a “grab” of 110,000 tons. The vessel, which cost $240 million, is on its maiden voyage, transporting a Chevron Corp. oil platform from a South Korean shipyard to the Gulf of Mexico.