Deep Sea Supply: Improved EBITDA through increased utilization and reduced operating expenses
(Thomson Reuters ONE) -
Deep Sea Supply ("DESS" or "Company") reports consolidated revenues of MUSD
33.4 in 3Q 2011 compared to MUSD 33.9 in 3Q 2010. Total operating expenses in
3Q 2011 were MUSD 19.2, reduced from MUSD 22.8 in 3Q 2010. This increased the
EBITDA to MUSD 15.3 in 3Q 2011 compared with MUSD 12.6 in 3Q 2010. The pre-tax
result was MUSD 1.6 in 3Q 2011, compared to a negative MUSD 2.9 in 3Q 2010.
For the nine months period ended 30 September 2011, the Company reports
consolidated revenues of MUSD 83.8, EBITDA of MUSD 46.6 and pre-tax result of
MUSD 2.1, compared to revenues of MUSD 95.0, EBITDA of MUSD 36.9 and pre-tax
result of negative MUSD 8.4 for the same period in 2010.
DESS has focused on improving operations, cutting costs and entering into long
term contracts through 2011. In 3Q 2011, the Company's AHTS and PSV fleet had a
utilization ratio of 83% and 96%, respectively. With favorable long term
financing in place, the Company is financially sound, benefitting from a strong
balance sheet.
The market for OSVs in 2012 is expected to improve compared to 2011. This is
driven by a strong rig cycle with a tight market and a large orderbook which
will increase the demand for OSVs. Lately, activity in Gulf of Mexico has
increased, resulting in many vessels being pulled back from West Africa.
Furthermore, the Company expects a continued strong demand for OSVs in Brazil
and a strong market in the North Sea.
In the short and medium term, DESS expects to obtain more long term employment
contracts at improved rates. However, the utilization in 4Q 2011 and 1Q 2012
will most likely be reduced somewhat due to special survey and mobilization of
two vessels. The Company expects to strengthen its presence in the North Sea
spot market from 1 to 2 AHTS vessels shortly. In light of its current strong
position, the Company will explore ways to increase its fleet and market
exposure towards second half of 2012.
Limassol, 09 November 2011
Deep Sea Supply Plc
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
3Q 2011_Deep Sea Supply_Financial Report:
http://hugin.info/136132/R/1562152/483695.pdf
3Q 2011_Deep Sea Supply_Presentation:
http://hugin.info/136132/R/1562152/483693.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#1562152]
Unternehmensinformation / Kurzprofil:
Datum: 09.11.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 85596
Anzahl Zeichen: 3095
contact information:
Town:
Arendal
Kategorie:
Business News
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