Standard Supply AS — M&A Activity 2023

Nov 14, 2023

Standard Supply AS: Sale of Standard Viking, Standard Supplier and Standard Defender

Standard Supply AS: Sale of Standard Viking, Standard Supplier and Standard Defender

Oslo, Norway, November 14th 2023

Standard Supply AS (Standard Supply, OSE: STSU) is pleased to report an en-bloc sale (“Transaction”) of the three large sized PSVs Standard Viking, Standard Supplier and Standard Defender for a gross USD 72.2 million by entering Memorandum of Agreement for sale of each vessel. Adjusting for ownership, proceeds to Standard Supply will be gross USD 69.5 million. The Transaction is contingent upon certain conditions to be lifted within end-November, and completion is expected no later than mid-January 2024.

Martin Nes, Chairman of Standard Supply, comments; “Standard Supply was always intended to be an asset play with an opportunistic approach towards the market. We have seen a robust recovery within the PSV market since the IPO in 2022, and opting to realize our gains at this juncture aligns with our strategy. As with previous sales, we intend to return capital to our shareholders”.

Following the sale, the Company will control a fleet of four PSVs with 51% ownership interest. Three of the four vessels are on short-term contracts and available for new charters in the upcoming months.

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 seven platform supply vessels (PSVs); three large-sized and four 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.