Standard Drilling Sells Second PSV

November 20, 2019

Norwegian offshore vessel owning company Standard Drilling has agreed to sell  Standard Supporter, a large Norwegian built platform supply vessels (PSV) through its wholly owned subsidiary Standard Supporter AS.

The Vessel is a large PSV, built at STX Brevik, Norway, in 2009, with 1,000m2 deck space. Standard Supporter AS has received 10% deposit of the purchase price. The Transaction is subject to inspection and expected to be completed within  expiring of December 2019.

Standard Drilling said the sale proceeds of $15 million would further strengthen the company’s cash balance.

"We are pleased with the sale of the Standard Supporter. The transaction will  strengthen our strong balance sheet even further, increasing our cash balance  significantly. During 2019 we have purchased one large PSV (Standard Olympus,  2014 built) and sold two large vessels (including Standard Supporter) showing  that we continue to follow our strategy. Standard Supporter was acquired in 2017  for USD 11.1 million," said Martin Nes, Chairman.

"The profit, excluding fair value adjustments, will be approximately USD 4 million including the result of the operation of the Vessel.  By selling Standard Supporter we have also reduced forward capital expenditures commitment in relation to the Vessel due in 2020," he added.

Following the sale, Standard Drilling will control, directly and indirectly, a fleet of 13 PSVs ; four large PSVs 100% owned and nine medium-sized PSVs with approximately 26% ownership interest, including one vessel on a bare boat  contract.



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