S.D. Standard Drilling acquires PSV in court sale

Øystein Stray Spetalen’s S.D. Standard Drilling (SDSD) has acquired 2014-built platform supply vessel Olympus for $8.1m in a court sale.

The Havyard-built vessel was sold by the Supreme Court of Gibraltar, and was owned by India’s Global Offshore Services previously, having been arrested in January.

MSI values the vessel at $10.5m, more than $2m above the sale price. SDSD is paying cash for the vessel and expects to complete the acquisition within 10 business days.

Martin Nes, chairman of SDSD, commented: “We are very pleased with the acquisition of the vessel. The vessel is favourably priced at $8.1m, representing a discount of 82 % to the $44m estimated newbuild price and a discount of 77% to the 25-year current newbuild parity of a five-year-old vessel with an implied value of  $35.2m. Furthermore, the Norwegian-built vessel, which is well-recognised and attractive among charters with a proven design, is in very good condition.”

The acquisition gives Standard Drilling ownership of six large-size modern PSVs, while it also has investments in a further nine mid-size PSVs.

Earlier in the month New World Supply, a vessel owning company in which SDSD had a 34.4% stake, completed the sale of medium sized platform supply vessels World Diamond, World Peridot, World Pearl and World Opal.

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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