Deep Sea Supply ("DESS" or "Company") reports consolidated revenues of MUSD 31.6 in 4Q 2011 compared to MUSD 37.3 in 4Q 2010. Total operating expenses in 4Q 2011 were MUSD 19.3, reduced from MUSD 21.7 in 4Q 2010. This resulted in EBITDA of MUSD 13.6 in 4Q 2011, compared to MUSD 26.0 in 4Q 2010. Following financial expenses of MUSD 6.2, the pre-tax result was a negative MUSD 0.4 in 4Q 2011, compared to MUSD 8.7 in 4Q 2010.
For the twelve months period ended 31 December 2011, the Company reports consolidated revenues of MUSD 115.4, EBITDA of MUSD 60.2 and pre-tax result of MUSD 1.7, compared to revenues of MUSD 132.3, EBITDA of MUSD 62.8 and pre-tax result of MUSD 0.1 for the same period in 2010.
During the last months, Deep Sea Supply has been awarded long term contracts at attractive levels for in total 7 vessels, and the Company's firm order backlog has increased significantly. The vessels are expected to commence the contracts between February and June, and Deep Sea Supply is expecting to see a gradual increase of revenue during 1Q and 2Q 2012. From beginning of 3Q, the majority of Deep Sea Supply vessels will be on long term contracts.
Following the recent contract awards, Deep Sea Supply will have in total 15 vessels operating in Brazil by end of 2Q, and the area has become strategically very important for the Company. The Board of Deep Sea Supply will during the next quarters look at strategic alternatives to further strengthen Company's position in the Brazilian market. The North Sea spot market, while volatile, looks strong for the remainder of the year, and Deep Sea Supply is expecting to have 2 AHTS vessels in this market. The continued high oil price driving E&P and oil field service spending activity, both in established and new markets, continue to drive demand for large and modern OSVs, and Deep Sea Supply's fleet of cost efficient vessels is well positioned to take part of this development.
4Q 2011_Deep Sea Supply Presentation (http://hugin.info/136132/R/1589765/499318.pdf)4Q 2011_Deep Sea Supply Financial Report (http://hugin.info/136132/R/1589765/499317.pdf)
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Source: Deep Sea Supply via Thomson Reuters ONE
