Norway’s Standard Supply has clinched a period charter for a platform supply vessel that illustrates the continuing recovery in offshore shipping rates.

The Oslo-listed company, backed by investor Oystein Stray Spetalen, said the 5,150-dwt Standard Supplier (built 2007) has been fixed for between seven and 10 weeks supporting a European energy company.

The deal starts in mid-August at a rate of about €30,000 ($30,300) per day.

This is worth $2.1m over the maximum term.

It is rare for offshore vessel term rates to reach the public arena.

But in May, Norwegian broker Westshore reported Saipem as taking two other Standard Supply ships for between one-and-a-half and three months at €19,000 per day, showing how much rates have risen since.

The Standard Supply was earlier reported booked for a spot job by EnQuest on 5 July at only £13,500 ($16,200) per day.

There are now 50 PSVs working spot in the North Sea.

Only three of these were charter-free on Friday. Utilisation stood at 94%.

Just one PSV is left in lay-up.

Two vessels added to the fleet

At the end of June, Standard Supply said it had acquired its first vessels since listing in Oslo earlier that month.

The company, owned 70% by Cyprus-based SD Standard ETC, has extra financial firepower to build the fleet in stronger offshore vessel markets following loan and share deals.

The 4,200-dwt Island Defender (built 2019), formerly owned by Island Offshore of Norway, was bought for NOK 204m ($20.9m) as part of its growth strategy.

Standard Supply also spent $5m on Tidewater’s laid-up 3,100-dwt Highland Duke (built 2012), to be renamed Standard Duke.

The PSV, worth $7.4m, will be reactivated through a July dry-docking at a cost of $2m.

The Standard Supply fleet previously consisted of two fully owned large PSVs and five midsize ships, all managed by Fletcher Shipping in Scotland.