S.D. Standard Drilling Acquires PSV

April 25, 2019

Image: Standard Drilling
Image: Standard Drilling

S.D. Standard Drilling (SDSD), a player in offshore supply and offshore drilling sector, is acquiring the Havyard 832 platform supply vessel (PSV) vessel Olympus through a wholly owned subsidiary Wanax AS.

The PSV has been acquired for a total consideration of USD 8.1 million, which will be financed by available cash.  

All terms have been agreed and there are no further conditions. The acquisition is expected to be completed within 10 business days.

Olympus is a large PSV, built at Havyard Ship Technology AS, Norway, in 2014, with 800m2 deck space.  
 
The Vessel was sold through a court process  by the Admiralty Marshal, Supreme Court, Gibraltar. The Vessel has previously been working in the UK sector and North Sea and will be available for charter from completion of the transaction.  
 
After the transaction, Standard Drilling has 100% ownership of six large-size modern PSVs. In addition, the Company has invested in 9 mid-size PSVs, bringing the total fleet of partly and fully owned vessels to 15 PSVs, including one vessel on a bare-boat contract.

The acquisition will further strengthen the Company's investment in the PSV market and is in accordance with its strategy to  seek for additional opportunities in the market.  
 
"We are very pleased with the acquisition of the Vessel. The Vessel is favorably priced at USD 8.1 million, representing a discount of 82 % to USD 44 m estimated newbuild price and a discount of 77% to the 25-year current newbuild parity of a 5 year old vessel with an implied value of USD 35.2m. Furthermore, the Norwegian built Vessel, which is well-recognised and attractive among charters with a proven design, is in very good condition" says Martin Nes, Chairman of the Company.  
 
Fletcher Shipping will be acting as technical and commercial manager for the Vessels.  



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