Norwegian owner Standard Supply has flipped its mid-sized platform supply vessel for some $4m profit after buying the unit about a year ago.
The Oslo-listed company, majority owned by Øystein Stray Spetalen’s investment vehicle SD Standard ETC, has offloaded the 2012-built PSV Standard Duke for $11m.
for $11m.Standard Supply purchased the vessel as Highland Duke from Tidewater for around $5m. The PSV, which had been laid up in the UK, was reactivated and dry-docked at a cost estimated at $2m for a charter contract with Ineos.
Standard Supply currently owns nine PSVs, five of which are part of 51% owned Northern Supply, with plans to further grow its fleet. The sale is expected to conclude within mid-August following the completion of the vessel’s current charter.
“This transaction highlights our ability to act opportunistically in the sale and purchase market. Staying true to our strategy, we intend to return this capital to our shareholders promptly,” said Martin Nes, chairman of the board of Standard Supply.
