Boskalis - Dockwise secures new contracts worth $ 175m

Boskalis this morning announced Dockwise was awarded new contracts since mid-June worth approximately $ 175m in total. Contracts include a series of short-term contracts for execution in 2013/14 as well as four long-term contracts for execution in 2015/16.

The acquired short-term contracts primarily include contracts for the transportation of jack-up rigs and are due to commence in the next couple of months. Included in these contracts is the transportation of a large rig from Singapore to Brazil in 2013/14 on the Dockwise Vanguard.

In addition, four heavy marine transport contracts for execution in 2015/16 were announced. In 2015, Dockwise will transport a jacket and topside unit for delivery in Malaysia and will also execute the installation of the topside for the Aasta Hansteen development in the North Sea through a dual barge float-over. Contracts acquired for execution in 2016 include transportation of a fixed production structure from Korea to Norway on behalf of Statoil and the transportation of a FPSO from the Far East to West Africa on the Dockwise Vanguard.

Conclusion:
On 19 June, Boskalis announced a year-to-date order intake for Dockwise of $ 130m. This was clearly below the more recent run rate of $ 125 to $ 150m in contract wins per quarter and hence came as a negative surprise. The recently acquired contracts since mid-June lift the year-to-date order intake for Dockwise to over $ 300m and hence come as a relief.