Deep Sea Supply Management AS
Deep Sea Supply Plc is a company listed on Oslo Børs. The company is incorporated in Cyprus. Deep Sea Supply ASA was established for the purpose of building up an offshore support vessel business. In July 2005, the company acquired six 15,000 BHP AHTS (Anchor HandlingTug Supply) vessels fromTidewater Marine Inc. of the KMAR 404 design. The vessels being built in Norway are ideally suited for operations in the North Sea and internationally.
The most significant development in the Company’s history so far was the acquisition of 22 new-building contracts from Seatankers Management Co. Ltd. at a price of USD394 mill. Such acquisition increased the size of the Company significantly.
Following this acquisition, the Company has acquired additional shipbuilding contracts at shipyards in Norway and Singapore. Acquisition of shipbuilding contracts has been attractive as it has been possible to buy contracts with delivery short term.
DESSC was established on 7 November 2006 for the purpose of acquiring all shares of Deep Sea Supply ASA. The Board of Deep Sea Supply ASA concluded in 2006 that the tax regime in Cyprus is expected to afford more stable, attractive and competitive conditions over time compared to the Norwegian regime under which Deep Sea Supply ASA operated.
The Company intends to become one of the leading owners and operators of supply vessels on a global basis. The Company will primarily seek to obtain and maintain a chartering profile with emphasis on the spot and medium term contract markets for the large AHTS vessels operating in the North Sea and in other areas of the world and medium to long term employment contracts on the small AHTS vessels and the PSVs (Platform SupplyVessel). The Company’s primary aims are to meet the demand from the markets that require modern and advanced offshore vessels.
The Company will focus on acknowledged Safety Standards developed during recent years within the Offshore Marine Industry world wide, and in particular in the North Sea area. The top management is dedicated to supervise that all personnel are well acquainted with HSE&Q standards and procedures, and all efforts will be made to ensure that each individual has the preferred attitude and behaviour with respect to safety matters and is carrying out the operations in accordance with best practices.
The Company has per October 2011 a fleet consisting of 14 AHTS vessels and 8 PSVs and has several N/B vessels under constuction. Presently the vessels are operating in Africa, Asia, South America and Europe.