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DESSC: Q1 2014 shows improved profitability

In 1Q 2014, Deep Sea Supply reports consolidated revenues of MUSD 35.4 and
operating expenses of MUSD 17.9. This resulted in EBITDA of MUSD 18.6 (52%)
and EBIT of MUSD 11.2. Following financial expenses of MUSD 7.3, the pre-tax
profit was MUSD 4.0.

Compared with last quarter, revenues increased by MUSD 7.1 or 25%. The main
reasons for the increase are commencement of long term contracts for PSVs
delivered in 4Q 2013 and 1Q 2014 and improved utilization of large AHTS
vessels. The Company's operating expenses increased were unchanged as the
operating expenses for the new vessels were nearly offset by reduced
operating expenses for other vessels.

The Company's high contract coverage and firm contract backlog of MUSD 199 as
of May 2014 provides good earnings visibility during 2014.

Activity levels are still quite high in OSV markets where the Company is
represented. There is increased activity in Brazil where Petrobras recently
awarded several contracts and where the tender activity is high. Activity
levels in North Sea and Africa is also high and activity in Asia is related
mainly to the somewhat smaller AHTS and PSVs. The spot market in North Sea
remains volatile. We still expect this market to tighten as more rigs are
entering the market and vessels are expected to leave for term work in Brazil
and seasonal campaigns.

The Company is currently evaluating the capital structure to finance the
potential acquisition of the 10 PSVs from PSV Holding. A capital structure
with reduced overall leverage is considered. This will result in attractive
cash break even rates and improve the company's ability to pay competitive
dividends over time.

Deep Sea Supply PLC

Limassol, 12 May 2014

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Presentation Q1 2014
Financial Report Q1 2014


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Deep Sea Supply via Globenewswire


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