STANDARD SUPPLY (Oslo, Norway ,16 February 2023 )Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA ofUSD 1.2 million in the fourth quarter of 2022, up fromUSD 0.2 million in the same quarter in 2021. Time charter equivalent earnings were approximatelyUSD 10,600 per day and the utilization was 84% based on availability. In line with the strategy to return excess cashflow to shareholders, the Board of Directors proposes a dividend ofNOK 0.10 per share for the fourth quarter of 2022. "Standard Supply ended the year with a solid cash position ofUSD 8.1 million plus an undrawn RCF ofUSD 20 million . Although theNorth Sea spot market has been weak so far in 2023, we are encouraged by time-charter fixtures with levels nearing that of 2012-2014. As last year, we expect the spot market to improve significantly in the coming months as many vessels leaves for term requirements" says Martin Nes, Chairman of theBoard of Standard Supply . Based on the fourth quarter results and the strong outlook ahead, the Board of Directors has proposed a dividend ofNOK 0.10 per share. The dividend distribution must be approved by an extraordinary general meeting of the Company, and further information will be given in due course. "The strategy of Standard Supply remains unchanged. We are working diligently on our growth ambitions across multiple avenues. Since the IPO we have nearly doubled our earnings capacity through investing more thanUSD 35 million into modern PSV tonnage with payback periods as short as two to three years. At the same time, earnings above our cash breakeven will be distributed to shareholders on a quarterly basis. Presently, we see increasing attractiveness from 1-year time charter rates that would allow for dividends above fourth quarter levels" Nes concludes. The fourth quarter report- and presentation is enclosed. ENDS For further information, please contact: CEOEspen 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); three large-sized, one medium-sized and five medium-sized PSVs with 51% ownership interest. Standard Supply will actively seek further growth opportunities and is well positioned to capture improvements in the market with most of the fleet trading in the spot market. The company has a clear ambition to return excess cash to its shareholders.
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