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Standard Supply S&P deal boosts PSV value by 60%
Standard Supply has made a US$4M profit from the sale of a mid-sized platform supply vessel (PSV) operating in the North Sea
The Oslo, Norway-listed vessel owner sold 2012-built Standard Duke for US$11M to an unnamed owner.
The transaction is expected to conclude mid-August after the UT 755 XL design vessel’s current charter with Ineos Energy.
This 75-m PSV has been operating out of Great Yarmouth and Aberdeen ports in the UK, according to automatic identification system (AIS) data.
Standard Supply purchased Standard Duke, formerly Highland Duke, in June 2022 for around US$7M, inclusive of reactivation costs. Just a year later, it is selling the vessel at a 60% higher price, said Standard Supply chairman of the board Martin Nes.
“This transaction highlights our ability to act opportunistically in the sale and purchase (S&P) market,” he said. “Staying true to our strategy, we intend to return this capital to our shareholders promptly.”
Standard Duke has a total deck area of 716 m2, and operates with main propulsion from two GE diesel engines with 2,790 kW of power. In addition to its main engines, this PSV has two Deutz BF6M 1015 MC auxiliary engines of 375 kVA, two Kamewa Ulstein tunnel bow thrusters, two tunnel stern thrusters and two Marelli Motori 2,250 kVA generators.
Standard Supply owns a fleet of nine PSVs, including five medium-sized vessels with a 51% ownership interest and three large supply vessels.
The Norwegian company said it will actively seek further growth opportunities and is positioned to capitalise on the S&P market.
Standard Supply achieved time charter equivalent earnings of around US$17,000 per day and utilisation of 98% from its PSV fleet in June.
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