John Fredriksen's Deep Sea Supply is buying out partner DPC's 50% stake in its Brazilian joint venture, as well as amending loan and charter terms.

It will own 100% of DESS BTG after the "favourable" deal goes through, it said.

To pay for the transaction, Deep Sea will issue 30.13m new shares to DPC, along with 10m warrants, and pay cash of $2m.