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Deep Sea Supply PLC (DESSC.OL)

DESSC.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Deep Sea Supply: exercise of option for construction of one wellboat
Thursday, 23 Mar 2017 08:44am EDT 

Deep Sea Supply Plc : DESS Aquaculture Shipping AS - exercise of option for construction of one wellboat . DESS Aqua has now declared first option vessel under this contract, and vessel has a contractual delivery date in Q2 2018 .Upon delivery, vessel will enter into a five year charter contract with Marine Harvest Full Article

Deep sea supply Q4 EBITDA swings to loss of $3.8 million
Tuesday, 28 Feb 2017 10:30am EST 

Deep Sea Supply PLC : Q4 EBITDA loss $3.8 million versus profit $9.8 million year ago .Q4 sales - freight revenue $9.2 million versus $22.9 million year ago.  Full Article

Deep Sea Supply announces extensions and contract award
Thursday, 2 Feb 2017 08:40am EST 

Deep Sea Supply PLC : Extensions and contract award . Has been awarded extensions of time charter contracts for PSVs Sea Flyer and Sea Forth .Both vessels have been extended until Jan. 1, 2020.  Full Article

Deep Sea Supply signs a contract for AHTS Vessel "Sea Tiger" in Brazil.
Thursday, 26 Jan 2017 03:00am EST 

Deep Sea Supply Plc : Has been awarded a new time charter contract for AHTS vessel "Sea Tiger" for operations in Brazil. .Firm period of contract is 1 year and will commence end Jan. 2017 in direct continuation of current contract.  Full Article

Deep Sea Supply Q3 EBITDA down at $7.3 million
Friday, 18 Nov 2016 02:00am EST 

Deep Sea Supply Plc : Q3 consolidated revenue $10.2 million versus $33.6 million year ago . Q3 EBITDA $7.3 million versus $18.7 million year ago . Says considers alternative use of fleet, including use of vessels for acquaculture shipping as well for other sectors .Says is considering various strategic alternatives, including consolidation.  Full Article

Havyard Group to deliver equipment for construction of well boat
Thursday, 18 Aug 2016 03:49am EDT 

Havyard Group ASA : Havyard MMC AS has entered into a contract for delivery of equipment for the construction of a well boat . The vessel shall be built abroad for the joint venture company DESS Aquacutlure Shipping established by Marine Harvest Norway and Deep Sea Supply , and will be in operation for Marine Harvest Canada .The contract value is in excess of 50 millions Norwegian crowns, and contains options for delivery of equipment to further three vessels.  Full Article

Deep Sea Supply Q2 EBITDA slumps to $1.3 million
Thursday, 18 Aug 2016 02:00am EDT 

Deep Sea Supply Plc : Q2 consolidated revenue $11.6 million versus $35.6 million year ago . Q2 EBITDA $1.3 million versus $17.8 million year ago . Will continue to lay up vessels that do not have any fixed activity next months .Is actively considering alternative use of fleet, this includes use of vessels for aquaculture shipping as well for other sectors.  Full Article

Deep Sea Supply amends financing terms, reaches 100% in JV DESS BTG
Friday, 22 Jul 2016 02:00am EDT 

Deep Sea Supply Plc : Announce extensive amendments to loan facilities and agreement with DPC Serviços de Óleo e Gás (DPC) relating joint venture DESS BTG . Following deal with DPC, DESS BTG joint venture will be 100 pct owned by Deep Sea Supply . Will issue 30.1 million new shares, 10.0 million warrants and pay cash settlement of $2 million for DPC's 50 pct ownership in DESS BTG . Commencing May 31, 2016, will not pay scheduled amortizations under substantially all of its bank facilities until March 31, 2018 . Says minimum consolidated free cash will be reduced to $20 million and minimum value covenant will be reduced to 100 pct in same period . Says minimum value adjusted equity ratio and value adjusted equity covenant will be removed . Says loan facilities maturing in Oct. 2016 will be extended until Oct. 2018 . Ship Finance agreed to reduce bareboat hire from June 2016 through May 2018 with about $17 million in aggregate against extension of bare boat period with 3 years in addition to a 50/50 profit-split .Says refinancing will preserve company's liquidity position and better position company through current market downturn.  Full Article

Deep Sea Supply signs three new charter contracts
Wednesday, 29 Jun 2016 01:00am EDT 

Deep Sea Supply Plc : Says three new charter contracts awarded . Says PSV Sea Swift awarded 2 years firm plus 1 year option contract, while PSVs Sea Spear and Sea Spark awarded 1 year firm plus 1 year option contracts .All three vessels are expected to commence operations early Q3.  Full Article

Deep Sea Supply and Marine Harvest launch fish farming shipping firm
Thursday, 2 Jun 2016 12:54am EDT 

Deep Sea Supply Plc : Says Deep Sea Supply and Marine Harvest asa to establish an aquaculture shipping joint venture . Billionaire investor John Fredriksen is the top owner of both companies . agreement to establish a 50/50 owned aquaculture shipping joint venture that is to build, own and operate aquaculture vessels . Deep Sea Supply and Marine Harvest aim to significantly reduce costs related to vessel services through establishing the JV . Current discussions indicate a substantial reduction in newbuilding cost compared to solutions provided by alternative aquaculture providers . The intention of the JV is to also compete for external contracts . Deep Sea Supply will enter into management agreements with the JV covering all necessary management services, including technical management, ship management and other corporate services.  Full Article

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BRIEF-Deep Sea Supply: exercise of option for construction of one wellboat

* DESS Aquaculture Shipping AS - exercise of option for construction of one wellboat