Standard Supply AS — Earnings Release 2023

May 16, 2023

STSU – FIRST QUARTER 2023 FINANCIAL RESULTS

STSU – FIRST QUARTER 2023 FINANCIAL RESULTS

(Oslo, Norway, 16 May 2023)

Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA of USD 1.3 million in the first quarter of 2023. Time charter equivalent earnings (TCE) were approximately USD 9,600 per day and the utilization was 74% based on availability. Notably, the Company reported an increased TCE of USD 14,900 per day in April with 95% utilization. Per the trading update in April, the Board of Directors has proposed a distribution of NOK 0.12 per share for the first quarter of 2023.

“After quarter end we have secured a six-month charter for the Standard Defender at USD 23,000 per day. Consequently, seven of our nine vessels will be operating on fixed charters, averaging a daily rate of USD 16,000 per day. While we continue to look for attractive term contracts, our current coverage now extends till October 2023 on average, allowing for further distribution increases in the upcoming quarters”, says Martin Nes, Chairman of the Board of Standard Supply.

As of March 2023, Standard Supply’s cash reserves amounted to USD 8.1 million. Considering the working capital and the Revolving Credit Facility (RCF) from which USD 1.5 million has been drawn, the Company’s consolidated net cash position is USD 12.8 million and USD 8.9 million when adjusted for ownership.

Based on the first quarter results and the strong outlook ahead, the Board of Directors has proposed a distribution of NOK 0.12 per share. The distribution must be approved at the annual general meeting in June, and further information will be given in due course.

Chairman Nes further added, “Following the FS Balmoral class renewal, the company will have limited capital expenditures through 2024 with only one mid-sized vessel due for a 5-year survey. Our operating cash breakeven remains around USD 7,700 per day, and we remain committed to distributing most of our free cash flow to our shareholders”.

The first quarter report- and presentation is enclosed.

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, 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.