Improved utilization combined with an increased fleet improved DESSC's revenues to a record high level of US $56,4 million in 4Q08 and US $190,4 million for 2008. Adjusted for fleet growth, the vessels' operating expenses in 4Q08 reduced by 2% from 3Q08.
EBITDA for 4Q08 improved to US $37,6 million and for 2008 to US $122,2 million which are the highest in the Company's history. The EBITDA margin for 4Q08 improved to 66,7%.
Net result for 4Q08 was US $12,5 mill. and for 2008 US $53,4 million or US $0,42 per share.
The net result for 2008 is positively impacted by sale of vessels US $29,4 million and negatively impacted by allocations for losses of
US $16,8 million related to unrealized losses on shares acquired in an offshore supply company and allocation for losses on receivables
to Scan Geophysical ASA.
Deep Sea Supply has committed financing in place for all delivered vessels and its newbuilding program.
The Board suggests a further break in dividend distributions in the 4th quarter due to the continued low visibility in the financial markets paired with uncertainty about the future markets following the international financial crises. The Company however intends to continue pursuing its shareholder friendly strategy.