Standard Supply AS (Standard Supply, OSE:STSU) reported an EBITDA of USD 6.5 million in the third quarter of 2023. Time charter equivalent earnings (TCE) were USD 16,700 per day and the utilization was 96% based on availability. Per the trading update in October, the Board of Directors has declared a dividend distribution of NOK 0.50 per share for the third quarter of 2023.
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“Earlier this week we reported the en-bloc sale (“Transaction”) of the three large sized PSVs Standard Viking, Standard Supplier and Standard Defender for a gross USD 72.2 million by entering Memorandum of Agreement for sale of each vessel. Adjusting for ownership, proceeds to Standard Supply will be gross USD 69.5 million. The Transaction is contingent upon certain conditions to be lifted within end-November, and completion is expected no later than mid-January 2024”, says Martin Nes, Chairman of the Board of Standard Supply.
He adds, “Standard Supply was always intended to be an asset play with an opportunistic approach towards the market. We have seen a robust recovery within the PSV market since the IPO in 2022, and opting to realize our gains at this juncture aligns with our strategy. As with previous sales, we intend to return capital to our shareholders”.
Following the sale, the Company will control a fleet of four PSVs with 51% ownership interest. Three of the four vessels are on short-term contracts and available for new charters in the upcoming months.
The Company reported an EBITDA of USD 6.5 million in the third quarter of 2023, up from USD 4.8 million in the same quarter of 2022. At the end of the quarter the Group’s consolidated net cash and working capital stood at USD 14.9 million and USD 11.5 million when adjusting for ownership
Based on the third 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 dividends of NOK 0.50 per share through reduction of other paid-in equity with an ex. date in late November and payment in early December. Further information will be given in due course.
The third quarter report 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 seven platform supply vessels (PSVs); three large-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. The company has a clear ambition to return excess cash to its shareholders.
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