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Deep Sea Supply: Offshore market getting worse

Norwegian offshore carrier Deep Sea Supply took a hit in the third quarter due to more idle vessels and continued unsustainable rates in the offshore market. The company does not expect any improvement in the short and medium term.

Photo: Siem Offshore

Deep Sea Supply, which primarily operates offshore vessels in the North Sea and Brazil, experienced continued decline across its businesses in the third quarter of 2015.

The carrier delivered a result of USD 0.9 million before tax against USD 6.2 million in the same period of 2014. Total revenue landed at USD 33.6 million, down from USD 493 million last year, writes Deep Sea Supply in the carrier's third quarter interim report.

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