Standard Supply AS — Earnings Release 2023

May 8, 2023

Standard Supply AS: Commercial update for April 2023

Standard Supply AS: Commercial update for April 2023

Oslo, Norway, May 8th 2023

In April 2023, Standard Supply AS (Standard Supply) achieved time charter equivalent earnings (TCE) of approximately USD 14,900 per day and utilization of 95%.

“We currently have seven vessels operating on fixed charters, with an average daily rate of USD 16,000. The Standard Supplier has been fixed for a 7–10-day period at a rate of USD 27,000 per day. Meanwhile, the FS Balmoral is expected to finish its 5-year classification next week before commencing short-term work at a daily rate of USD 19,000” states Martin Nes, Chairman of the Board of Standard Supply.

“Following the FS Balmoral class renewal the Company will have limited capital expenditures through 2024 with only one mid-sized vessel up for 5-year survey”. Our operating cash breakeven stands at around USD 7,700 per day, and we continue to uphold our strategy of distributing most of our free cash flow to our shareholders”, Nes concludes.

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 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.