Standard Supply AS — M&A Activity 2023

Jul 11, 2023

Standard Supply AS: Sale of Standard Duke for USD 11 million

Standard Supply AS: Sale of Standard Duke for USD 11 million

Oslo, Norway, July 11th 2023

Standard Supply AS (Standard Supply, OSE: STSU) is pleased to report the sale of the mid-sized PSV Standard Duke for USD 11 million. The transaction is expected to conclude within mid-August following completion of the vessel’s current charter with INEOS Energy.

“Acquired in late June 2022, the Standard Duke’s purchase price was approximately USD 7 million, inclusive of reactivation costs. Just a year later, we are selling the vessel at a c. 60% higher price. This transaction highlights our ability to act opportunistically in the sale and purchase (S&P) market. Staying true to our strategy, we intend to return this capital to our shareholders promptly” says Martin Nes, Chairman of the Board of Standard Supply.

As previously reported, the Company achieved time charter equivalent earnings (TCE) of approximately USD 17,000 per day and utilization of 98% in June. The company will provide a second quarter trading update and dividend proposal during July month.

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. The company has a clear ambition to return excess cash to its shareholders.