Deep Sea Supply Plc: Another strong quarter

2009-11-11 07:10:05 -

London, November , 11, 2009

Deep Sea Supply delivered strong financials as per 30.09.2009;



Revenues increased to USD 137.3 mill. or an increase of 2,5% compared

to the same period last year. EBITDA was a strong 60.9% of total

revenues and net profit was USD 42.0 mill. compared to USD 44.2 mill.

in the same period last year. Earnings per share as per 30.09.2009

were USD 0,33 compared to USD 0,35 in the same period last year.



In Q309, Deep Sea Supply's fleet of 21 offshore supply vessels

generated revenues of USD 45.8 mill. or a reduction of 5,5% compared

to Q308 (USD 48.4 mill). EBITDA in 3Q09 was USD 27.3 mill. compared

to USD 32.2 mill. in 3Q08. The pre-tax profit for Q309 was USD 12.8

mill. compared to USD 12.0 mill in Q308. Earnings per share in Q309

were USD 0,10 compared to USD 0,09 in Q308.



The AHTS vessel "Sea Eagle 1" was acquired in Q309 at attractive

terms and the vessel was acquired using the company's cash reserves.



Deep Sea Supply's entire shareholding in CH Offshore Ltd., Singapore

was sold during the third quarter at a profit of USD 2.9 mill. and

YTD profits of USD 8.5 mill.



In October 2009, Deep Sea Supply established a company in Rio, Brazil

and placed an order for one large PSV at STX Brazil Offshore S.A. The

vessel is expected to be delivered in Q1 2012. Brazil is a big market

for Offshore Supply Vessels and forecasted to grow considerably in

the years to come.



The AHTS vessel "Sea Weasel" was delivered from ABG Shipyard on 29

October and financed in accordance with the current loan agreements

with the banks.



Deep Sea Supply has committed financing in place for its fleet

including its newbuilding program consisting of 6 AHTS to be

delivered in 2010 from ABG Shipyard. The newbuilding in Brazil will

be financed through a local financing scheme.



The Board suggests no dividend distributions in Q309 because the

current market situation is uncertain. It is the Company's intention

to revert to its former dividend strategy as and when the market

improves and show more visibility.



11 November 2009

Deep Sea Supply Plc




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