Dockwise has loss, but revenues increase as fleet grows
Heavy-lift shipping company Dockwise had a fourth quarter loss of $20.2 million compared to a profit of $19.7 million in the fourth quarter of 2006.
Revenue in the period rose to $84.1 million compared to $69.9 million in the fourth quarter of 2006.
For the year, Dockwise had a loss of $75.8 million in 2007 compared to a profit of $60.5 million in 2006. Revenue in 2007 was $290.1 million versus $252.1 million in 2006.
The company had a variety of one-time expenses in 2007 related to its combination with Sealift Ltd., a company that was formed to convert six large single-hull tankers into heavy-lift vessels, as well as the acquisition of the engineering companies Offshore Kinematics and Ocean Dynamics.
The company took delivery of three additional vessels in 2007, including two of the converted tankers and expects delivery of the four additional converted tankers this year.
In addition, Dockwise expects delivery later this year of Mighty Servant 3, a large float-on/float-off ship that sank off the coast of Africa in 2006, but which was recovered in a salvage operation and is being refurbished in a shipyard in the Bahamas.
The company gave an upbeat assessment of its prospects going forward, noting that global spending by oil companies is expected to increase in the years ahead. The company also said its new vessels and the acquisition of Ocean Kinematics and Ocean Dynamics have expanded the range of services it can offer customers.
Dockwise said in 2008 it expects revenue to climb to nearly $500 million.