Deep Sea Supply Sends 3 PSVs To BP Egypt

Published at 09:42AM - 29/06/16

Deep Sea Supply announced today it has been awarded three new time charter contracts for operations in with BP Egypt.

The offshore supply vessel operator said that the 2014-built platform supply vessel (PSV) Sea Swift has been awarded a 2 years firm plus 1 year option contract, while PSVs Sea Spear and Sea Spark have been awarded 1 year firm plus 1 year option contracts.

“All three vessels are expected to commence operations early 3Q 2016,” the company informed.

Deep Sea Supply Sends 3 PSVs To Egypt

Sea Swift is owned by Deep Sea Supply through one of its 100% owned subsidiaries, while Sea Spark and Sea Spear are owned 50% by Deep Sea Supply, through the joint venture (JV) DESS BTG.

Since late Autumn 2015, Deep Sea Supply’s vessels have had little activity and, in the Winter, the company only had 11 out of its total of 37 vessels in circulation.

As well as this, it announced in April this year that four other supply vessels would go out of circulation.

Weak Activity for Deep Sea Supply

Earlier this year, the Norwegian operator was awarded a series of contracts for its PSVs, for two years firm plus three yearly options with Statoil UK for the PSV Sea Falcon to operate in the North Sea.

The vessel is expected to start operating in the fourth quarter of this year.

PSVs Sea Frost and Sea Supra were awarded 60 day and 90 day firm contracts, respectively, plus 120 days of options, for an unspecified international oil company for operations in Asia, and have started operating in mid-April.

PSV Sea Titus was also awarded a contract, for four months firm plus two months options to operate in South America, also starting in April.

On the first quarter of the year, the company posted disappointing results and said it expected no improvement on the difficult situation, especially as the North Sea spot market remains challenging for PSVs.