Standard Supply AS — Earnings Release 2022

Nov 9, 2022

Standard Supply AS: Commercial update for October 2022

Standard Supply AS: Commercial update for October 2022

Oslo, Norway, October 9th 2022

In October 2022, Standard Supply AS (Standard Supply) achieved a utilization of 86% and effective time charter equivalent earnings of approximately USD 10,800 per day. The Company’s operating cash breakeven is around USD 7,300 per day.

Presently Standard Supply has six PSVs trading in the UK market and two in the Mediterranean. Five vessels are on term business at an average rate of c. USD 15,000 per day. The UK spot market presently has rates around GBP 7-10,000 per day. In October the Company took delivery of the large-sized PSV Standard Defender, while the reactivation of the mid-sized PSV Standard Duke is expected completed in November.

ENDS

For further information, please contact:

Chairman of the Board Martin Nes at +47 92 01 48 14

About Standard Supply | standard-supply.com

Standard Supply owns a fleet of nine platform supply vessels (PSVs); three large-sized, one medium-sized commencing operations in November 2022 and five medium-sized PSVs with 51% ownership interest. Standard Supply will actively seek further growth opportunities and is well positioned to capture improvements in the market with most of the fleet trading in the spot market. The company has a clear ambition to return excess cash to its shareholders.