(Oslo, Norway, 24 August 2023)

Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA of USD 5.9
million in the second quarter of 2023. Time charter equivalent earnings (TCE)
were approximately USD 15,600 per day and the utilization was 97% based on
availability. Notably, the Company reported an increased TCE of USD 17,700 per
day in July with 99% utilization. Per the trading update in July, the Board of
Directors has declared a dividend distribution of NOK 0.70 per share for the
second quarter of 2023. 

"After quarter end we signed a five-month charter for the Standard Defender at
USD 22,500 per day in direct continuation from the current contract in the North
Sea expiring in September. Furthermore, we have secured a 2-3-month contract for
FS Balmoral at USD 33,700 per day off Germany and a 3-month contract for FS
Crathes at USD 15,000 per day for the upcoming winter period", says Martin Nes,
Chairman of the Board of Standard Supply.  

He adds, "In key regions, average term rates have increased by an estimated
10-20% year-to-date. In the North Sea, we anticipate further improvements in the
market balance as around ten vessels are scheduled to depart in the coming
months for longer-term campaigns. It's also worth noting that the North Sea
fleet reduced by ten vessels over the last twelve months due to increasing
demand internationally". 

The Company reported an EBITDA of USD 5.9 million in the second quarter of 2023,
up from USD 0.0 million in the same quarter of 2022. At quarter end Standard
Supply's cash reserves amounted to USD 9.4 million. Considering the working
capital and the Revolving Credit Facility (RCF) from which USD 2.7 million has
been drawn, the Company's consolidated net cash position is USD 15.3 million and
USD 10.4 million when adjusted for ownership. In August the Company received USD
11 million for the sale of Standard Duke and subsequently repaid the RCF. 

Based on the second quarter results and the authorization to distribute
dividends given to the Board of Directors on the annual general meeting, the
Board of Directors has passed a resolution to distribute additional dividends of
NOK 0.70 per share through reduction of other paid-in equity with an ex. date in
early September and payment around mid-September. Further information will be
given in due course.

The second 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 eight platform supply vessels (PSVs)