Deep Sea Supply reports improved EBITDACompany News // March 1, 2011
Deep Sea Supply in Norway says its revenues in the fourth quarter of 2010 increased to US$37.3 million (compared to US$30.3 million in the fourth quarter of 2009) due to an increased fleet, higher utilization ratio and improved rates.
The sale of Sea Otter and Sea Marten resulted in a US$10 million. gain. Vessel
operating expenses (when adjusted for a larger fleet) reduced by 3 per cent
compared to the fourth quarter of 2009, and EBITDA improved to US$26 million (US$12.6 million).
Net income before taxes was US$8.7 million (US$3.3 million).
Full year 2010 revenues were US$132.3 million compared to US$167.6 million in 2009,
or a reduction of 21 per cent.
EBITDA was US$62.8 million compared to US$111.5 million in 2009 or a reduction of 44 per cent.
The pre-tax result was US$0.1 million compared to US$3.2 million in 2009.