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Deep Sea Supply PLC (DESSC.OL)

DESSC.OL on Oslo Stock Exchange

1.25NOK
2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

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

Deep Sea Supply Q1 EBITDA swings to loss $11.6 million
Tuesday, 31 May 2016 02:59am EDT 

Deep Sea Supply PLC : Q1 sales - freight revenue $16.5 million versus $40.3 million year ago . Q1 EBITDA loss $11.6 million versus profit $22.0 million year ago . Expects no improvement of the difficult market situation for OSVs in the short to medium term . Says contract coverage for 2016 is not satisfactory .Cash position is unsatisfactory low, and the company is dependent on adjustments of its financial obligations going forward.  Full Article

Deep Sea Supply names Jon Are Gummedal new CEO
Tuesday, 21 Apr 2015 01:00am EDT 

Deep Sea Supply PLC:Has appointed Jon Are Gummedal as new Chief Executive (CEO) of the company.Gummedal has worked with Deep Sea Supply since Jan. 2014 as Technical Director with responsibility of technical management and crewing of fleet operating worldwide.  Full Article

Deep Sea Supply gives contract update
Wednesday, 1 Apr 2015 02:55am EDT 

Deep Sea Supply PLC:Vessel Sea Bear has been awarded a contract for 120 days firm plus 60 daily options for operations in Mediterranean waters.Commencement will be early April 2015.Deep Sea Supply has received termination notice of the time charter contract for Sea Falcon for operations in North Sea.The termination is effective as of end March.  Full Article

Deep Sea Supply PLC announces contract extension
Friday, 27 Feb 2015 01:01am EST 

Deep Sea Supply PLC:Agreed on a contract extension for AHTS (Anchor Handling Tug Supply) vessel Sea Tiger in Brazil.Extension is for one year firm plus 6x30 days option period.Will start in direct continuation with current time charter contract which expires end February.  Full Article

Deep Sea Supply decides not to distribute Q4 2014 dividend
Wednesday, 25 Feb 2015 01:00am EST 

Deep Sea Supply PLC:Decided not to distribute any dividend to shareholders in relation to the Q4 2014.  Full Article