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    Deep Sea Supply reports improved EBITDA

    Company 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.


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