(Limassol, 28 June 2022) S.D. Standard ETC Plc (Standard ETC, OSE:SDSD) today
announces that Standard Supply AS (Standard Supply), whereof Standard ETC owns
c. 70%, has acquired the Platform Supply Vessel (PSV) Standard Defender for NOK
204 million as part of the growth strategy.
Further reference is made to Standard Supply's press releases on June 27th and
June 28th.
To enable Standard Supply to grow at an early phase of an identified upcycle for
oil service vessels, Standard ETC has arranged for a USD 20m revolving credit
facility ("RCF") at a margin of 5%, an upfront fee of 0.75% and maturity
December 31th 2023.
"We continue to look for growth opportunities and believe these acquisitions
represents attractive entry points considering strong underlying earnings and
approximately 65% and 50% discount to replacement cost, respectively. The
vessels will grow Standard Supply's asset base to a total of nine PSVs, and is
in accordance with its strategy to expand its footprint within the PSV industry.
Providing financial flexibility will allow Standard Supply to lever its
expansion opportunities into this upturn cycle for oil service vessels," says
Martin Nes, Chairman of Standard ETC.
Standard Supply is expected to be listed on Euronext Growth on or about July
22nd 2022.
ENDS
For further information, please contact:
Chairman of the Board Martin Nes at +47 92 01 48 14