Standard Supply AS — Earnings Release 2022

Feb 16, 2023

STSU: FOURTH QUARTER 2022 FINANCIAL RESULTS

STSU: FOURTH QUARTER 2022 FINANCIAL RESULTS

(Oslo, Norway, 16 February 2023)

Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA of USD 1.2 million in the fourth quarter of 2022, up from USD 0.2 million in the same quarter in 2021. Time charter equivalent earnings were approximately USD 10,600 per day and the utilization was 84% based on availability. In line with the strategy to return excess cashflow to shareholders, the Board of Directors proposes a dividend of NOK 0.10 per share for the fourth quarter of 2022.

“Standard Supply ended the year with a solid cash position of USD 8.1 million plus an undrawn RCF of USD 20 million. Although the North Sea spot market has been weak so far in 2023, we are encouraged by time-charter fixtures with levels nearing that of 2012-2014. As last year, we expect the spot market to improve significantly in the coming months as many vessels leaves for term requirements” says Martin Nes, Chairman of the Board of Standard Supply.

Based on the fourth quarter results and the strong outlook ahead, the Board of Directors has proposed a dividend of NOK 0.10 per share. The dividend distribution must be approved by an extraordinary general meeting of the Company, and further information will be given in due course.

“The strategy of Standard Supply remains unchanged. We are working diligently on our growth ambitions across multiple avenues. Since the IPO we have nearly doubled our earnings capacity through investing more than USD 35 million into modern PSV tonnage with payback periods as short as two to three years. At the same time, earnings above our cash breakeven will be distributed to shareholders on a quarterly basis. Presently, we see increasing attractiveness from 1-year time charter rates that would allow for dividends above fourth quarter levels” Nes concludes.

The fourth 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 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.