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Ackermans: MEDCO lands € 941m New Port Project in Qatar

Ackermans: MEDCO lands € 941m New Port Project in Qatar

19.3.2012 11:55

MEDCO (44.1% owned by DEME) acquired a € 941m contract to dredge the approach channel for the ‘New Port Project’ in Qatar, beating competitors CHEC and Jan De Nul. The contract comes on the heels of the successful landing of the € 916m Wheatstone contract in Australia and positively affects DEME's earnings and revenue estimates between FY12 and FY16.

News:
The Doha contract includes the dredging of a 20km long access channel and a Naval Base basin, the land reclamation with dredged materials for an area of approximately 4.5 square km for the construction of the Naval Base, the construction of rubble mound outer breakwaters at each side of the channel, the construction of rock revetment at the perimeter of the Naval Base, the supply and installation of navigation aids and environment mitigation.
The works include the dredging of approximately 45 million sqm of mainly hard rock materials, so that MEDCO will deploy its self-propelled flag ship “Al Jarraf” as well as two self-propelled seagoing rock cutter suction dredgers. The works will start in March 2012 and will be completed early 2016.

Our View:
The contract will boost the order book from an already firm € 2.40bn at YE11 (+24% y/y) to approx. € 3.5bn (including Wheatstone) and will start adding to FY12 revenues (up until FY16) and positively affect earnings coincidently.
The contract itself is the second contract awarded and includes dredging and construction of the approach channel. The first contract, for the port basin and inner breakwaters, was awarded early 2011 to CHEC. Yesterday’s award of the second phase (dredging contract) to MEDCO is in line with expectations.
MEDCO is a partnership between DEME (44.1%), the United Development Company of Qatar (45.1%) and the government of Qatar (10%). However, we expect DEME’s real economic interest in the project to exceed its 44.1% stake through the subcontracting of dredging equipment from DEME to MEDCO.

Conclusion:
We will fine-tune the impact on our estimates and meanwhile keep the carrying value of AvH’s (50%) stake in DEME unchanged at € 826.3m (29.6% of NAV).

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