(Oslo, Norway, 16 May 2023)

Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA of USD 1.3
million in the first quarter of 2023. Time charter equivalent earnings (TCE)
were approximately USD 9,600 per day and the utilization was 74% based on
availability. Notably, the Company reported an increased TCE of USD 14,900 per
day in April with 95% utilization. Per the trading update in April, the Board of
Directors has proposed a distribution of NOK 0.12 per share for the first
quarter of 2023. 

"After quarter end we have secured a six-month charter for the Standard Defender
at USD 23,000 per day. Consequently, seven of our nine vessels will be operating
on fixed charters, averaging a daily rate of USD 16,000 per day. While we
continue to look for attractive term contracts, our current coverage now extends
till October 2023 on average, allowing for further distribution increases in the
upcoming quarters", says Martin Nes, Chairman of the Board of Standard Supply.  

As of March 2023, Standard Supply's cash reserves amounted to USD 8.1 million.
Considering the working capital and the Revolving Credit Facility (RCF) from
which USD 1.5 million has been drawn, the Company's consolidated net cash
position is USD 12.8 million and USD 8.9 million when adjusted for ownership. 

Based on the first quarter results and the strong outlook ahead, the Board of
Directors has proposed a distribution of NOK 0.12 per share. The distribution
must be approved at the annual general meeting in June, and further information
will be given in due course. 

Chairman Nes further added, "Following the FS Balmoral class renewal, the
company will have limited capital expenditures through 2024 with only one
mid-sized vessel due for a 5-year survey. Our operating cash breakeven remains
around USD 7,700 per day, and we remain committed to distributing most of our
free cash flow to our shareholders". 

The first 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)