The Buy Thesis
Deep Sea Supply (OTCPK:DSSPF) is an offshore supply company servicing the offshore drillers with its fleet of 12 platform supply vessels and 15 anchor handling tug supply vessels. The company's vessels currently operate in the North Sea spot market, West Africa, Mediterranean, South East Asia and Brazil. For 2012, the company had revenue of $124.1 million and an EBITDA of $50.7 million. However, the company trades at a market capitalization of $205 million, which is just 1.6 times 2012 revenue. This thesis investigates the reason for a low market capitalization and the reasons for believing that Deep Sea can be an acquisition candidate, a factor, which will trigger significant stock upside. Acquisition apart, the thesis...
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