Standard Supply AS — Earnings Release 2023

Apr 12, 2023

Standard Supply AS: Commercial update for March 2023

Standard Supply AS: Commercial update for March 2023

Oslo, Norway, April 12th 2023

In March 2023, Standard Supply AS (Standard Supply) achieved time charter equivalent earnings (TCE) of approximately USD 12,900 per day and utilization of 90%. Since the last commercial update, the Company has fixed the Standard Defender for approx. 120 days in the North Sea at an undisclosed rate.

“Since late February three more vessels have commenced period charters, and with the recent improvements in the spot market we are now seeing meaningful higher TCE’s across our fleet. This trend has continued into April. Presently we have seven vessels employed on fixed charters at an average rate of c. USD 16,000 per day, while our two spot vessels are earning an average of c. USD 18,000 per day” says Martin Nes, Chairman of the Board of Standard Supply.

“The Company’s operating cash breakeven is around USD 7,700 per day, and we remain committed to our strategy of distributing most of our free cash flow to shareholders. A fleet wide TCE of USD 17,000 per day would result in a dividend capacity of c. NOK 1.0/sh, growing to nearly NOK 1.5/sh at USD 20,000 per day”, 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.