SDSD: FIRST QUARTER 2022 FINANCIAL RESULTS

SDSD: FIRST QUARTER 2022 FINANCIAL RESULTS

12 May 2022 08:00 CEST

NOTE: THE COMPANY IS AN INVESTMENT ENTITY AND SHALL NOT CONSOLIDATE ITS
SUBSIDIARIES.

(Limassol, 12 May 2022) S.D. Standard ETC Plc (Standard ETC, OSE:SDSD) reported
a net profit after tax of USD 8.2 million in the first quarter of 2022, up from
negative USD 2 million in the same quarter last year, of which USD 7.8 million
are related to the investment. After the quarter end, Standard ETC completed an
investment of USD 10 million in Dolphin Drilling Holdings Limited (Dolphin
Drilling)

"Standard ETC had a strong value development in the investment portfolio during
the first quarter and we are comfortable with these developments and for our
Platform Supply Vessels operations. The rates and activity in the offshore
market are picking up. We continuously evaluate our investments, and have the
flexibility to pursue other investments opportunities that may arise, " says
Martin Nes, Chairman of the Board of Standard ETC.

Standard ETC reported an operating profit of USD 8.2 million in the first
quarter of 2022 (Q1 21: USD (2) million), of which USD 7.8 million are related
to the investment portfolio.

Standard ETC is an investment entity and shall not consolidate its subsidiaries.
Consequently, the company measures its investments in Platform Supply Vessels
(PSVs) based on fair value estimates from reputable independent valuers. For the
first quarter the two remaining large size PSV's have been valued at USD 10.3
million due to the sale of the comparable vessel Standard Princess for USD 10.3
million in fourth quarter of 2021. Revenues and EBITDA from chartering out the
vessels are not consolidated into, nor reflected in the financial statements.
The investment portfolio are valued at market value.

From operating the PSVs the group had an underlying positive adjusted EBITDA*
in the first quarter 2022 of USD 0.4 million (Q1 21 USD (0.1) million). The
utilization of the large-sized PSV's was 92 % in the quarter (Q1 21: 96%).

In May 2022, Standard ETC announced the investment of USD 10 million,
corresponding to an ownership of 25%, in Dolphin Drilling. Dolphin Drilling owns
and operate three 5th and 6th generation of energy efficient moored
semi-submersible rigs and employs ~350 people. Dolphin Drilling has recently
been re-structured and has no interest bearing debt. Standard ETC has an option
to invest additional USD 5million, bringing the total ownership up to 32.5%.

"The energy market is going through a transition phase. Combined with a massive
underinvestment in the oil service and exploration segment over the last decade,
this will, in our opinion, lay a solid foundation for increased rig-and vessel
activity going forward. The current market provides opportunities for debt-free
contractors with high quality assets, and we look forward to work with the
Dolphin team to realize the potential of their current fleet and future rig
management operations," Nes concludes.

At the end of the first quarter 2022, Standard ETC held shares in Weatherford
International Plc and other investments for USD 46 million, classified as
financial assets held for trading.

*Excluding non-recurring cost and dry dock, special survey, maintenance and
repair

ENDS
For additional information, please contact:
General Manager, Evangelia Panagide at +357 99 77 11 16
Chairman of the Board, Martin Nes at +47 92 01 48 14

Standard ETC|www.standard-etc.com
S.D. Standard ETC is an investment company founded in 2010. The company holds a
focused investment portfolio and a fleet of Platform Supply Vessels (PSVs). S.D.
Standard ETC is headquartered in Cyprus and is listed on Oslo Stock Exchange
with the ticker code SDSD.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Espen Lundaas, on 12 May 2022
at 08:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

561955_SDSD_Q1 2022 Presentation.pdf
561955_SDSD_Q1 2022 Report.pdf
561955_SDSD_OSE Notification 1Q 2022.pdf

Source

S.D. Standard ETC Plc

Provider

Oslo Børs Newspoint