Standard Supply AS — Earnings Release 2023

Jul 31, 2023

Standard Supply AS: Q2 2023 Trading Update and Intended Dividend Resolutions

Standard Supply AS: Q2 2023 Trading Update and Intended Dividend Resolutions

Oslo, Norway, July 31th 2023

Based on a preliminary review of the financial figures for the three months ending 30 June 2023, Standard Supply AS (the "Company", and together with its consolidated subsidiaries, the "Group") expects to report time charter equivalent revenues of USD 12.5 million and an EBITDA of USD 5.9 million in the second quarter of 2023. At the end of the quarter, the Group’s consolidated net cash and working capital stood at USD 15.3 million.

The Board of Directors further intends to resolve a dividend distribution of NOK 0.20 per share reflecting the operational result in the quarter inclusive of the drydocking of the FS Balmoral.

In addition, the Board of Directors intends to resolve a distribution of an additional NOK 0.50 per share from the sale of Standard Duke for USD 11 million that is expected to conclude by mid-August. Key information relating to such dividend distributions will be published when the relevant corporate resolutions (pursuant to the Board authorization granted in the annual general meeting held on 15 June 2023) have been made.

“We are distributing a total of NOK 0.70 per share in the second quarter of 2023, or nearly 15% of our current market capitalization. Our focus remains on being opportunistic in the sale and purchase (S&P) and identifying attractive long-term charters for our vessels both in the North Sea and internationally” states Martin Nes, Chairman of the Board of Standard Supply.

For our large-sized vessels, we continue to see 1-year charters providing distribution capacity of approximately NOK 0.30 per share per vessel. Further improving the potential dividend capacity, the Company will have limited capital expenditures through 2024 with only one mid-sized vessel up for 5-year survey, “Nes concludes.

The full Q2 2023 report will be released on August 24th, 2023.

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 eight 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 is well positioned to capture improvements in the market. The company has a clear ambition to return excess cash to its shareholders.