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S.D. Standard Drilling picks up PSV pair from ER Offshore

S.D. Standard Drilling picks up PSV pair from ER Offshore

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Norway’s S.D. Standard Drilling, part of Øystein Stray Spetalen’s Saga Tankers, is acquiring two platform supply vessels from Germany’s ER Offshore.

2009-built E.R. Athina and 2010-built E.R. Georgina are being acquired, subject to charterers consent, for a total of $22.2m.

The two vessels are currently working in the UK North Sea, E.R. Athena working the spot market and E.R.Georgina on charter to Maersk Oil until July 2018.

The acquisitions are expected to be completed next month, bringing S.D. Standard Drilling’s fleet to a total of 18 PSVs.

“The vessels grow our asset base and fleet and are favorably priced at ~USD 11.1m per unit, representing a discount of 81% to USD 57m actual newbuild price and a discount of 60% to the 25-year current newbuild parity of a 8 year old vessel with an implied value of USD 28m. Furthermore, the vessels are both large and well-recognised Norwegian-built PSVs which are in good condition and are proving themselves in the North Sea every day,” commented Martin Nes, chairman of S.D. Standard Drilling.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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