Norway’s Standard Supply has made a useful profit from selling a platform supply vessel it acquired out of lay-up last year.

The Oslo-listed company, backed by tycoon Oystein Stray Spetalen, said the 3,100-dwt Standard Duke (built 2012) fetched $11m from an unnamed buyer.

The midsize former Highland Duke was bought in June 2022 for a total of $7m, including reactivation costs, the seller added.

The ship had been laid up since December 2016. Bringing it back into service cost $2m.

“Just a year later, we are selling the vessel at a circa 60% higher price. This transaction highlights our ability to act opportunistically in the sale and purchase … market,” chairman Martin Nes said.

“Staying true to our strategy, we intend to return this capital to our shareholders promptly.”

The transaction is expected to conclude in mid-August following the completion of the vessel’s current charter with Ineos Energy of the UK.

The ship was fixed for 12 weeks in March at an undisclosed rate.

The Italian-built Standard Duke is assessed as worth $11.27m by VesselsValue, up from $7.8m a year ago.

It was acquired by a Chinese entity last year from US owner Tidewater, before being flipped to Standard Supply, TradeWinds is told.

Standard Supply achieved time charter equivalent earnings of about $17,000 per day and utilisation of 98% last month.

In June 2022, the company was spun off from Spetalen’s Oslo-listed Standard ETC investment company and listed separately.

It now owns three large PSVs, plus shares in five smaller supply ships.