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Deep Sea Supply (OSL:DESSC) In 3Q08 the market for Offshore Supply vessels was very good. The strong market combined with good cost control resulted in very strong financials for Deep Sea Supply Plc;
30.09.2008 figures show total revenues of USD 134 mill, EBITDA of 84,6 mill, EBIT of 86,2 mill and net profit after tax of USD 41 mill.
In 3Q08 revenues improved by 12,5% to USD 48,4 mill. An increased fleet and only marginal increase in operating expenses reduced the daily operating expenses per vessel by 6% compared to 2Q08. EBITDA hence improved to USD 32,2 mill or 66,5% of total revenues.
The Company has acquired shares in another offshore supply company through 2008. The shares have reduced in value over the past few weeks and caused an unrealized loss of -USD 5,2 mill in 3Q08. EBIT was USD 21,6 mill and net result USD 9,7 mill.
The Board suggest a break in the dividend distributions for 3Q08 due to the low visibility in the financial markets paired with lower cash balances due to 3 major surveys and repayment of the NOK 200 mill Bond Loan in 3Q08.
The strong market is expected to result in a very strong 4Q08.
Limassol, 6 November 2008 Deep Sea Supply Plc
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