Standard Supply AS — M&A Activity 2024

Jan 17, 2024

Standard Supply AS: Receives Notice of Cancellation on Standard Supplier

Standard Supply AS: Receives Notice of Cancellation on Standard Supplier

Reference is made to the stock exchange release on December 12th regarding the sale of Standard Supplier (“Vessel”). The sale was expected to be completed by mid-January 2024. Standard Supply AS (“Company”) has received a notice of cancellation from the Buyer due to the Company not being in a position to deliver the Vessel according to the Memorandum of Agreement (“MOA”) following ongoing repair of the Azimuth thruster.

Standard Supplier will therefore remain in the Company’s ownership. The Vessel has been off hire since late October due to repair on an Azimuth thruster, but is expected to return on hire on or about January 22nd. The Vessel is chartered to BP UK at a rate of c. USD 23,500 to June 2024, with options for another three months reflecting the downtime.

The Company completed the sale of the two large-sized PSVs Standard Viking and Standard Defender on December 12th and the four mid-sized vessels on December 29th. As previously communicated, following the mentioned sales the intention is to return capital to shareholders. An update on the timing of these distributions will be given as part of the fourth quarter 2023 report on February 15th.

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