Oslo, Norway, September 7th 2023 

In August 2023, Standard Supply AS (Standard Supply) achieved time charter
equivalent earnings (TCE) of approximately USD 16,900 per day and utilization of
94%. On August 7th the Standard Duke was delivered to its new owners. 

"On September 1st the FS Balmoral commenced a 2-3 month contract at USD 34,000
per day off Germany.  Our present fleet coverage extends through January 2024
with an average daily rate of USD 19,400 per day", states Martin Nes, Chairman
of the Board of Standard Supply.

"In the upcoming weeks, six large-sized PSVs will leave the North Sea for work
internationally. This will leave fewer than 170 vessels in the region, marking a
decline of approximately 100 vessels from the high in 2016-2017 and about 30
less than in 2021. 

As the contracting season for 2024 now unfolds, the reduced capacity's impact is
evident. We're witnessing less competitive bidding and heightened rate
expectations from vessel owners. Our strategy leans towards long-term charters
over spot market deals, and we anticipate seeing new all-time highs set in the
North Sea in the coming year" states Martin Nes, Chairman of the Board of
Standard Supply. 

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)