Bermuda-based marine contractor Dockwise Ltd. boosted its revenue by 15 percent during a successful year's trading in 2007.

The company, which specialises in providing transport services to the offshore, onshore and yachting industries, as well as the installation of heavy offshore platforms, saw its revenue rise from $252 million in 2006 to $290 million last year.

Among some of the highlights of Dockwise's fourth quarter and full year 2007 results were a number of milestone projects successfully completed, including the installation of GX deck offshore Nigeria, transport of three jack-up rigs on the same voyage, as well as a sixth generation semi-submersible rig and the Tahiti SPAR, the largest of its kind.

The company also listed on the OTC market in Oslo in May last year, followed by a full listing on the Oslo Stock Exchange in October, in addition to the expansion of its operational fleet with three vessels during 2007.

Looking ahead to the future, five more vessels are expected to be delivered this year, with a total order backlog of Dockwise Heavy Lift projects of $233 million, while management expects revenue to be around $500 million over the coming year.

Andre Goedee, CEO of Dockwise, said: "Looking at the performance of Dockwise in 2007, I am encouraged in my belief that the company continues to perform in line with management's expectations.

"This is particularly important as the current performance provides momentum for the strategic changes of which the implementation started in 2005 and to which management has committed itself.

"The continuous improvement of the quality of project management with the new organisational structure has largely contributed in managing risk in 2007 and in successful bidding for large projects.

"As clients find more comfort in the new skill set of Dockwise, I believe this to be a strong support in achieving our results in 2008 and filling our backlog for the years beyond 2008."