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Monday, 01 December, 2008, 23:20 GMT | more >>

Deep Sea Supply steams ahead



By Upstream staff 

UK offshore supply company Deep Sea Supply saw fourth-quarter revenues soar to a record $53.4 million from $28.4 million a year ago on higher rates and an increased fleet.

The company saw pretax profits of $25.1 million compared with $20 million previously. However, transition taxes related to a Norwegian unit of the company took after-tax profits down to $12.3 million, compared with $19.4 million previously.

Earnings per share slipped to 10 cents per share, compared with 15 cents a year ago.

The company took delivery of two newbuild platform supply vessels in the period. The enlarged fleet, an unscheduled dry-docking and other costs boosted operating expenses to $17.2 million, compared with $10.6 million previously.

The company has taken delivery of another two vessels since the end of the fourth quarter and expects further fleet expansion amid continued high demand to drive strong growth in the company in 2008, it said.


Wednesday, 27 February, 2008, 07:32 GMT  | last updated: Wednesday, 27 February, 2008, 07:32 GMT

Deep Sea Supply: delivering record revenues
 

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