Deep Sea Supply considering layupsCompany News // August 13, 2015
Deep Sea Supply in Norway has reported consolidated revenues of US$35.6 million and EBITDA of US$17.8 million. Following depreciation of US$11.4 million, financial expenses of US$5.0 million and negative currency items of US$0.3 million, pre-tax profit was US$1.2 million. For the six month period ended 30 June 2015, the company reported consolidated revenues of US$75.9 million, EBITDA of US$39.8 million and a pre-tax result of US$5.6 million.
Comparing the second quarter of 2015 with the first, the company said revenues fell by US$4.7 million. The main reasons for the reduced revenue were lower utilization due to vessels coming off long term charters and lower rates.
The company said that due to the low oil price and low level of activity in the industry no improvement in the market situation is expected in the short to medium term. As a result, the company will consider laying-up vessels and work hard to further reduce operating expenses.