The Board of Directors of Deep Sea Supply Plc has today approved the consolidated financial statements for 2015. Compared to the preliminary accounts presented on 19 February 2016, the net result in the financial statements for 2015 is changed from a loss of USD 120.51 mill to a loss of USD 151.39 mill. The reason for the reduced net result is an extraordinary impairment of the investment in the Joint Venture (DESS BTG) of USD 30.89 million. When assessing the recoverable amount of the investment, the Company took into account the going concern uncertainties surrounding DESS BTG, which is in a challenging financial position. The Company has allocated a 50% weight to the value of two possible scenarios, one with DESS BTG as a going concern (as accounted for in Q4 financials) and 50% to DESS BTG as a not going concern. A 100% allocation to going concern valuations would only be allowed if a formal agreement with lenders has been reached, which was not the case at the time of signing of the financial statements. However, on-going discussions with the lenders are progressing well and the Company is optimistic an acceptable agreement can be reached that addresses all of DESS BTG's financial challenges. The financing of DESS BTG is non-recourse to Deep Sea Supply Plc except for a financial guarantee provided in relation to the financing of the vessel "Sea Brasil". The Board has agreed to present the final audited accounts to the Annual General Meeting on 25 May 2016. Limassol, 25 April 2016 Deep Sea Supply Plc This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by GlobeNewswire on behalf of GlobeNewswire clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Deep Sea Supply via GlobeNewswire

Deep Sea Supply plc issued this content on 26 April 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 26 April 2016 15:05:06 UTC