Deep Sea Supply : Increased visibility through long term contracts
(Thomson Reuters ONE) -
Deep Sea Supply ("DESS" or "Company") reports consolidated revenues of MUSD
31.6 in 4Q 2011 compared to MUSD 37.3 in 4Q 2010. Total operating expenses in
4Q 2011 were MUSD 19.3, reduced from MUSD 21.7 in 4Q 2010. This resulted in
EBITDA of MUSD 13.6 in 4Q 2011, compared to MUSD 26.0 in 4Q 2010. Following
financial expenses of MUSD 6.2, the pre-tax result was a negative MUSD 0.4 in
4Q 2011, compared to MUSD 8.7 in 4Q 2010.
For the twelve months period ended 31 December 2011, the Company reports
consolidated revenues of MUSD 115.4, EBITDA of MUSD 60.2 and pre-tax result of
MUSD 1.7, compared to revenues of MUSD 132.3, EBITDA of MUSD 62.8 and pre-tax
result of MUSD 0.1 for the same period in 2010.
During the last months, Deep Sea Supply has been awarded long term contracts at
attractive levels for in total 7 vessels, and the Company's firm order backlog
has increased significantly. The vessels are expected to commence the contracts
between February and June, and Deep Sea Supply is expecting to see a gradual
increase of revenue during 1Q and 2Q 2012. From beginning of 3Q, the majority of
Deep Sea Supply vessels will be on long term contracts.
Following the recent contract awards, Deep Sea Supply will have in total 15
vessels operating in Brazil by end of 2Q, and the area has become strategically
very important for the Company. The Board of Deep Sea Supply will during the
next quarters look at strategic alternatives to further strengthen Company's
position in the Brazilian market. The North Sea spot market, while volatile,
looks strong for the remainder of the year, and Deep Sea Supply is expecting to
have 2 AHTS vessels in this market. The continued high oil price driving E&P and
oil field service spending activity, both in established and new markets,
continue to drive demand for large and modern OSVs, and Deep Sea Supply's fleet
of cost efficient vessels is well positioned to take part of this development.
Limassol, 29 February 2012
Deep Sea Supply Plc
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
4Q 2011_Deep Sea Supply Presentation:
http://hugin.info/136132/R/1589765/499318.pdf
4Q 2011_Deep Sea Supply Financial Report:
http://hugin.info/136132/R/1589765/499317.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Deep Sea Supply via Thomson Reuters ONE
[HUG#1589765]
Unternehmensinformation / Kurzprofil:
Datum: 29.02.2012 - 07:01 Uhr
Sprache: Deutsch
News-ID 119766
Anzahl Zeichen: 3100
contact information:
Town:
Arendal
Kategorie:
Business News
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