Before revision:  For d-regular graphs, we observe that a known randomized algorithm which achieves an approximation ratio of O (log d)  can be derandomized and implemented to run in polynomial time and use O(log n) bits of space.
After revision:  For d-regular graphs, we observe that a known randomized factor-O (log d) can be derandomized and implemented to run in polynomial time and use O(log n) bits of space.