Deep Sea Supply Banks 3Q Total Revenues of $134MM
Deep Sea Supply has noted that in 3Q08 the market for Offshore Supply vessels was very good. The strong market combined with good cost control resulted in very strong financials for Deep Sea.
Figures for the period ended September 30, 2008 show total revenues of US $134 million, EBITDA of 84,6 mill, EBIT of 86,2 million and net profit after tax of US $41 million.
In 3Q08 revenues improved by 12,5% to US $48.4 million. An increased fleet and only marginal increase in
operating expenses reduced the daily operating expenses per vessel by 6% compared to 2Q08. EBITDA hence improved to US $32.2 million or 66.5% of total revenues.
The Company has acquired shares in another offshore supply company through 2008. The shares have reduced in value over the past few weeks and caused an unrealized loss of -US $5.2 mill in 3Q08. EBIT was US $21.6 million and net result US $9.7 million.
The Board suggest a break in the dividend distributions for 3Q08 due to the low visibility in the financial markets paired with lower cash balances due to 3 major surveys and repayment of the NOK 200 million Bond Loan in 3Q08.
The strong market is expected to result in a very strong 4Q08.
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