Standard Supply AS — Earnings Release 2022

Sep 9, 2022

Standard Supply AS: Commercial update for August 2022

Standard Supply AS: Commercial update for August 2022

Oslo, Norway, September 9th 2022

In August 2022, Standard Supply AS (Standard Supply) achieved a utilization of 97% and effective time charter equivalent earnings of approximately USD 16,700 per day. For the month of July, corresponding numbers were 91% and USD 13,900 per day, respectively. The Company’s operating cash breakeven is around USD 7,300 per day. Going forward, Standard Supply will provide monthly commercial updates. The financial results for the third quarter of 2022 will be reported on November 15th.

Presently Standard Supply has four PSVs trading in the UK market, two in the Mediterranean and one on a windfarm project off Germany, the latter at a rate of EUR 30,000 per day. In early October we will take delivery of the large-sized PSV Standard Defender, while the reactivation of the mid-sized PSV Standard Duke is expected completed also in early October.

The UK spot market has improved into September, with rates presently around GBP 10-12,000 per day. The newly elected Prime Minister in the UK has this week proposed to issue more than 100 new oil- and gas licenses in the North Sea in order to improve domestic production.

ENDS

For further information, please contact:

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

About Standard Supply:

Standard Supply owns a fleet of nine (9) Platform Supply Vessels (PSVs); three large-sized incl. one delivering in October, one medium-sized commencing operations in October and five (5) 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.

https://standard-supply.com/