EuropeOffshore

Standard Supply upbeat on offshore rates with new UK licenses on the horizon

Norway’s Standard Supply is optimistic about the offshore sector after seeing an increase in utilisation and earnings last month and new oil and gas licenses on the horizon in the UK North Sea.

The Oslo-listed offshore vessel owner, majority owned by Øystein Stray Spetalen’s investment vehicle SD Standard ETC, achieved a utilisation of 97% and effective time charter equivalent earnings of around $16,700 per day in August.

For the month of July, corresponding numbers were 91% and $13,900 per day, respectively, the company said in a regulatory filing.

Standard Supply noted that the UK spot market has improved into September, with rates presently around £10,000 to £12,000 per day. The newly elected Prime Minister in the UK has this week proposed to issue more than 100 new oil and gas licenses in the North Sea where the company currently has four PSVs trading.

Two PSVs are also operating in the Mediterranean and one on a wind farm project off Germany, the latter at a rate of €30,000 per day. In early October Standard Supply will take delivery of the large-sized PSV Standard Defender, while the reactivation of the mid-sized PSV Standard Duke is expected completed also in early October.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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