Net income was just over $4m for the three months ended 31 March 2014 versus the $6.9m achieved the year before.
Revenue declined 8.6% year-on-year to $35.3m. However, when the sale of the Brazilian fleet is factored in, operating revenue of $53.19m is ahead of the $38.71m at this point last year and the $43.56m in the final quarter of 2013.
Finn Amund Norbye, chief executive of the shipowner, tells TradeWinds the first quarter of this year was much better than last when apples are compared with apples.
Its first quarter profit of $4.02m was ahead of the $2.33m logged in the last three months of 2013.
Deep Sea Supply said its high contract coverage and firm contract backlog of $199m as of May 2014 provides good earnings visibility during 2014.
“Activity levels are still quite high in OSV markets where the company is represented,” the Oslo-listed company said in a report on Monday.
“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.
“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.”
It operates 15 anchor handlers and 20 PSVs with one newbuilding under construction in China at Sinopacific Shipyard.
