Deep Sea Supply reports strong financial performance in Q2 2013
In the second quarter 2013 Deep Sea Supply's consolidated revenues rose to US$ 37.8 million from $ 28.3m in 2Q 2012. Total operating expenses in 2Q 2013 were $ 20.9m compared to $ 17.8m in 2Q 2012, the Company said Thursday in a press release.
The Company booked a gain on sale of $ 82.6m, of which $ 81.6 m is related to the sale of 50% of its Brazilian business.
EBITDA was $ 99.5m in 2Q 2013, compared to $ 11.8m in 2Q 2012. The pre-tax result was a profit of $ 84.1m in 2Q 2013, compared to a negative $ 0.9m in 2Q 2012.
For the six months period ended 30 June 2013, consolidated revenues were $ 76.5m, EBITDA was $ 116.2m and pre-tax result was $ 91.0m, compared to revenues of $ 49.7m, EBITDA of $ 16.8m and pre-tax result of a negative $ 7.8m in 2012.
Book equity is $ 249m and 38% of total assets and Company's cash position is $ 106.3m.
On 31 May 2013 the Company sold 50% of its Brazilian business (15 vessels) and purchased 6 newbuildings together with its new Brazilian partner BTG Pactual ("BTG"). The new company, Deep Sea Supply BTG, will own a fleet of 21 vessels and be one of the largest OSV owners in Brazil.
In 2Q 2013, the PSV "Sea Trout" was awarded a charter contract for 1 year for operations in North Sea.
The Company is in discussions with a company affiliated with Hemen Holding to buy up to 10 PSV newbuilds. Such expansion is planned to be financed by existing cash, senior bank debt, seller's credit and with limited or no use of new equity.
Increased 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.
Deep Sea Supply Plc (DESSC or The Company) is a Cyprus based offshore supply company. The Company operates a total of 26 Anchor Handling Tug Supply vessels and Platform Supply Vessels. The Company’s vessels currently operate in the North Sea spot market, West Africa, Mediterranean, South East Asia and Brazil.
The Company is in discussions with a company affiliated with Hemen Holding to buy up to 10 PSV newbuilds. Such expansion is planned to be financed by existing cash, senior bank debt, seller's credit and with limited or no use of new
equity.
Increased 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.
Deep Sea Supply Plc (DESSC or The Company) is a Cyprus based offshore supply company. The Company operates a total of 26 Anchor Handling Tug Supply vessels and Platform Supply Vessels. The Company’s vessels currently operate in the North Sea spot market, West Africa, Mediterranean, South East Asia and Brazil.