Deep Sea Supply Enters Long Term Charter Contracts for 3 PSVs

Deep Sea Supply has entered into long term charter contracts for the 3 PSVs “Sea Falcon”, “Sea Flyer” and “Sea Forth” with an international oil company for operations in the North Sea.

“Sea Falcon”, “Sea Flyer” and “Sea Forth” have all been awarded charter contracts for up to 5 and 3 years. “Sea Falcon” commenced operations in April 2013, “Sea Flyer” is expected to commence operations in December 2013 and “Sea Forth” is expected to commence operations in January 2014. Deep Sea Supply has entered into bareboat contracts with the owner PSV Holding Inc, a company  affiliated with the Company’s main shareholder Hemen Holding Ltd, for the vessels “Sea Falcon” and “Sea Flyer”. The vessel “Sea Forth” is owned by the 50% owned DESS BTG. The contracts are done at market terms.

The AHTS vessel “Sea Panther” has been awarded a 4 + 4 year charter contract with Petrobras for operations in Brazil. The vessel is expected to commence operations mid November 2013. “Sea Panther” is  owned by the 50% owned DESS BTG.

Total value net of local taxes of the firm 4 year period of the contract is approximately USD 50 mill.

Deep Sea Supply, November 13, 2013