S.D Standard Drilling Plc, a Cyprus-based, Oslo-listed offshore vessel owner, said Monday it had purchased 500,000 shares, corresponding to 1% ownership, in offshore driller Noble Corp, at USD 18.5 per share.
"Noble completed its restructuring- and Chapter 11 process on 5 February 2021. Having disposed of five cold stacked rigs in the fourth quarter, Noble enters 2021 with 19 offshore drilling units, consisting of 7 drillships and semisubmersibles and 12 jackups. Noble is focusing largely on ultra-deepwater and high-specification jackup drilling opportunities. After the restructuring Noble has net debt of USD 300 million and liquidity of USD 600 million. Noble had a contract backlog of USD 1.6 billion at the end of 2020," the company said.
After the investment in Noble has been completed, the S.D Standard Drilling will in addition own 33.3% of the 2020 built VLCC Gustavia S; 100% of four (4) large-sized PSVs; 28% ownership of six (6) medium-sized PSVs.
"Following the purchase of shares in Noble, S.D Standard Drilling Plc will have a bank balance of approximately USD 18 million, including cash in the company and within its 100% owned subsidiaries," S.D Standard Drilling said.
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