Deep Sea Supply Plc: A good 2nd quarter 09 resulted in strong 1H09
financials
(Thomson Reuters ONE) - The offshore supply company Deep Sea Supply deliveredstrong financials for 1H09. Its fleet of 21 AHTS vesselsand PSVs generated revenues of USD 91.6 mill. or 7%higher than 1H08 (USD85.6 mill.). Revenues in the 2ndquarter of 09 were 10% higher than 2Q08.Adjusting for an increased fleet, the vessels' operatingexpenses reduced by a significant 12% from 1H08 to1H09. The operating expenses showed however anincreasing trend in 2Q09, primarily due one offs such asupstoring of two vessels for operations in Sakhalin andrepair & maintenance expenses related to a special survey.EBITDA in 1H09 improved to USD 56.3 mill. compared toUSD 52.4 mill. in the same period last year.Net result was USD 29.2 mill. compared to USD 31.9 mill.same period last year. However last year contained largegains (USD 25 mill.) from sale of vessels.The EBITDA margin improved marginally from 1H08 to 1H09from 61.2% to 61.6%. However, the EBITDA margin fellsomewhat in 2Q09 (59,8%) compared to 2Q08 (62,6%).The Company's cash reserves have improved significantly fromUSD 33.8 mill. on 31/12-08 to USD 65.8 mill. by end of1H09. Interest expenses are significantly (35%) reduced due toprepayment of a bond loan in 2H08 and reduced NOK andUSD interest rate levels.Improved value of financial derivatives and gain from increasedstock price of the Company's 35 mill. shares in the public listedoffshore supply company CH Offshore Ltd., Singaporecontributed positively to the net result.The revenues from PSVs are stable and the PSVs had notechnical nor commercial offhire in 1H09. The AHTS revenuesare more cyclical particularly due to volatile rates in the NorthSea where the Company had three vessels in 1H09.The Company acquired "Sea Eagle 1" in August on attractiveterms and paid the vessel using its cash reserves. The Companyhas financing in place for its 7 newbuildings which are expectedto be delivered in 2009 and 2010.No dividend distributions are suggested following 1H09. Themarket outlook is more uncertain and the Company's cashreserves are reduced following the early acquisition of "Sea Eagle1".According to his contract with the Company, Odd Brevik (64) willretire from his position as CEO on 31.03.2010. The Board hasappointed Finn Amund Norbye (49) as new CEO from 01.04.2010.Mr. Norbye has been CFO of the Company since the start in 2005and has an extensive background from shipping and shipping finance,internationally and in Norway.The Board is grateful to mr.Brevik for his great contribution to DeepSea Supply. He has been with the Company from the very beginning,and the Board is very pleased that he is willing to assist theCompanyalso after he has retired.Limassol, 12 August 2009Deep Sea Supply Plchttp://hugin.info/136132/R/1334093/316543.pdfhttp://hugin.info/136132/R/1334093/316544.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.08.2009 - 07:01 Uhr
Sprache: Deutsch
News-ID 4598
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