Norwegian PSV owner Standard Supply has cashed in on one of Northern Supply’s mid-sized units.
The Oslo-listed company is shipping out the 2008-built FS Balmoral for $9.5m. Standard Supply picked up the sister ship to the FS Braemar for $6m when the company lifted its ownership in Northern Supply from 28% to 51% in June 2022. The sale is expected to close in September.
for $9.5m. Standard Supply picked up the sister ship to the FS Braemar for $6m when the company lifted its ownership in Northern Supply from 28% to 51% in June 2022. The sale is expected to close in September.“Today we are realising a 60% higher price. After factoring in earnings during this time and costs from the five-year SPS this summer, our total returns stand at an estimated 75%. Staying true to our strategy, we intend to return this capital to our shareholders promptly,” said Martin Nes, chairman of Standard Supply and Northern Supply.
Standard Supply, majority owned by Øystein Stray Spetalen’s investment vehicle SD Standard ETC, owns a fleet of seven PSVs. In July, the company flipped the 2012-built PSV Standard Duke for some $4m profit.
