Deep Sea does better

John Fredriksen-controlled offshore shipowner Deep Sea Supply is reintroducing dividends after posting a better profit in the second quarter.

The company said it made $4m net to 30 June, compared to $83.81m in 2013, but the latter figure includes sales gains of $82.58m.

Revenue grew to $39.66m from $37.79m, while ship operating costs were stable.

It said its anchor-handlers had improved utilisation and it has been taking delivery of 10 new supply ships from Fredriksen’s private Hemen Holding at a cost of $366m.

The remaining four vessels will be delivered this year and Deep Sea said it was working on “several promising long term employment opportunities.”

The ships are expected to boost earnings and the company’s board has decided to reintroduce quarterly dividend payments as a result, with the first being $0.02 per share for the second quarter.