Deep Sea Supply ASA was established for the purpose of building up an offshore support vessel business. In July 2005, the company acquired six AHTS (Anchor Handling Tug Supply vessels) (15,000 BHP) vessels from Tidewater Marine Inc. (Tidewater) of the KMAR 404 design. The vessels being built in Norway are ideally suited for operations in the North Sea and internationally.
In April 2006 Deep Sea Supply ASA entered into a contract with Sea Tankers Management Co. Ltd., to purchase 22 new building contracts at a price of USD394 mill. The Seller provided partial guarantees for possible delayed delivery of the vessels.
Hemen Holding Ltd, and associate companies became the Company’s largest shareholder with approximately 23% ownership interest. During 2006 the ownership increased to approximately 35%.
Deep Sea Supply Plc 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 operates. Deep Sea Supply Plc has during the end of 2006 and the beginning of 2007, throughout a voluntary exchange offer of 4 December 2006, a mandatory offer and a compulsory acquisition both of 4 January 2007, become a 100% owner of all the issued and outstanding shares in Deep Sea Supply ASA. Consequently Deep Sea Supply Plc has become a new parent company of the Group.