Bermuda-based Dockwise Ltd. saw its revenue rise 57.4 percent over the past year, while it recovered from a $75.8 million loss in 2007 to post a $47 million profit for 2008.

The company's revenue climbed from $290.1 million two years ago to $456.6 million last year, with the figure up 60.9 percent for the fourth quarter 2008, the strongest in its history.

Operational cash flow also increased to $98 million for the fourth quarter, compared to $16 million for the same period in the prior year.

The company's results revealed that it had been transformed through organisational development and fleet expansion to 20 vessels, with its fleet optimisation programme finalised through the expansion by Triumph and Trustee in December 2008.

Meanwhile, project management qualified to win and execute large scale projects and flagship contracts were also awarded in growth segments, including the Vyborg float over and Koiambo onshore industrial development.

Elsewhere there was a backlog of Dockwise Heavy Lift of $388 million, up 67 percent on the fourth quarter of 2007 ($233 million), and there was good growth recorded in tendering for exceptional projects in line with Dockwise capability.

Andre Goedee, CEO of Dockwise, said: "We completed the transformation of our company while also delivering against demanding financial objectives.

"At the same time, we delivered our core services with the reliability and safety that our clients expect.

"In view of our transformed capabilities, I am encouraged to see Dockwise tendering successfully for an increasing number of projects.

"The fourth quarter was the strongest quarter ever in Dockwise's history providing a stepping stone to 2009.

"Immediate generation of free cash flows will enable us to substantially decrease our net debt level in the current year and to de-lever our balance sheet."