S.D. Standard ETC Plc (Standard ETC, OSE:SDSD) reports net profit after tax of USD 18.4 million in the third quarter of 2023 (Q3 22 USD 2.2 million). The company is a leading shareholder in Dolphin Drilling AS (Dolphin Drilling, OSE:DRILL) and Standard Supply AS (Standard Supply, OSE:STSU).
…
Vis børsmeldingen
Martin Nes, Standard ETC’s Board Chairman, comments: “Our financial results are mainly driven by positive share price developments for Dolphin Drilling and Standard Supply, culminating in a combined unrealized gain of USD 17.8 million. Additionally, our ETC portfolio, which includes investments in other equities and credits, yielded a gain of USD 1.0 million”.
“Following acquisition of the rig Paul B Lloyd, expected to be closed in December 2023, Dolphin Drilling will have secured a substantial confirmed revenue backlog plus options. Moreover, Dolphin Drilling is working hard to secure more work for its rig fleet and we are observing positive developments in the drilling markets worldwide.”.
“Standard Supply intends to distribute a total of NOK 0.5 per share in the third quarter of 2023. With the UK spot market currently being at a high level, there is a solid foundation for upcoming time charter negotiations. The fleet is well-positioned to capitalize on this opportunity, as four out of seven vessels are to become available for new charters in the upcoming months”, Nes added.
As an investment entity, Standard ETC does not consolidate its subsidiaries. The company reported a net profit after tax of USD 18.4 million in the third quarter of 2023, mainly reflecting unrealized gains of USD 17.8 million from the investments in DDRIL and STSU. The company had a cash position of USD 31.2 million at the end of the quarter, excluding cash held by subsidiaries.
The company’s stakes in Dolphin 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 in Standard Supply AS (Euronext Growth: STSU) and a 19% ownership in the listed drilling company Dolphin Drilling AS (Euronext Growth DDRIL). S.D. Standard ETC is headquartered in Cyprus and listed on the Oslo Stock Exchange under the ticker SDSD.
Kilde
