Standard Supply AS — Earnings Release 2023

Sep 7, 2023

Standard Supply AS: Commercial update for August 2023

Standard Supply AS: Commercial update for August 2023

Oslo, Norway, September 7th 2023

In August 2023, Standard Supply AS (Standard Supply) achieved time charter equivalent earnings (TCE) of approximately USD 16,900 per day and utilization of 94%. On August 7th the Standard Duke was delivered to its new owners.

“On September 1st the FS Balmoral commenced a 2-3 month contract at USD 34,000 per day off Germany. Our present fleet coverage extends through January 2024 with an average daily rate of USD 19,400 per day”, states Martin Nes, Chairman of the Board of Standard Supply.

“In the upcoming weeks, six large-sized PSVs will leave the North Sea for work internationally. This will leave fewer than 170 vessels in the region, marking a decline of approximately 100 vessels from the high in 2016-2017 and about 30 less than in 2021.

As the contracting season for 2024 now unfolds, the reduced capacity’s impact is evident. We’re witnessing less competitive bidding and heightened rate expectations from vessel owners. Our strategy leans towards long-term charters over spot market deals, and we anticipate seeing new all-time highs set in the North Sea in the coming year” states Martin Nes, Chairman of the Board of Standard Supply.

ENDS

For further information, please contact:

CEO Espen L. Fjermestad at +47 95 20 44 93

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 and five medium-sized PSVs with 51% ownership interest. Standard Supply will actively seek further growth opportunities and has a clear ambition of returning excess cash to its shareholders.