Limassol,May 16th 2024 S.D. Standard ETC Plc (Standard ETC, OSE:SDSD) reports a net loss after tax ofUSD 6.1 million in the first quarter of 2024, compared to a net profit after tax ofUSD 1.3 million in the first quarter of 2023. The company is a leading shareholder inDolphin Drilling AS (Dolphin Drilling , OSE:DRILL) andStandard Supply AS (Standard Supply, OSE:STSU). Martin Nes, Standard ETC's Board Chairman, comments: "Our financial results are mainly driven by share price developments forDolphin Drilling and Standard Supply, culminating in a combined unrealized loss ofUSD 8.9 million . Additionally, our ETC portfolio, which includes investments in other equities and credits, yielded a gain ofUSD 3.6 million ". "Dolphin Drilling has secured a substantial revenue backlog of approximatelyUSD 500m across three assets that all will be operational by the first half of 2025. Standard Supply has distributed a majority of its market cap since the IPO in 2022. Today the company is left withNOK 2.5 /sh in cash". As an investment entity, Standard ETC does not consolidate its subsidiaries. The company reported a net loss after tax ofUSD 6.1 million in the first quarter of 2024, mainly reflecting unrealized losses from the investments in DDRIL and STSU. The company had a cash position ofUSD 34 million at the end of the quarter, excluding cash held by subsidiaries. The company's stakes inDolphin Drilling and Standard Supply are evaluated at the quarter-end share prices. Attached are the company presentation and the Board of Directors' report. ENDS For further information, please contact: General Manager,Evangelia Panagide at +357 99 77 11 16 Chairman of the Board Martin Nes at +47 92 01 48 14 About Standard-ETC | standard-etc.com S.D. Standard ETC is an investment company founded in 2010. The company holds a concentrated investment portfolio including a 53% ownership inStandard Supply AS (Euronext Growth: STSU) and a 17% ownership in the listed drilling companyDolphin Drilling AS (Euronext Growth DDRIL). S.D. Standard ETC is headquartered inCyprus and listed on theOslo Stock Exchange under the ticker SDSD.
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