S.D. Standard Drilling banks $3m from sale of PSV

S.D. Standard Drilling banks $3m from sale of PSV

Øystein Stray Spetalen’s S.D. Standard Drilling has sealed a deal to sell 2010-built large platform supply vessel Standard Provider for $13.5m.

The transaction is set to be completed this month, and will reduce the size of the company’s fleet to 14 PSVs in total. Five of the PSVs are fully-owned while the other nine are via part ownership.

Martin Nes, chairman of S.D. Standard Drilling, commented: “We are pleased with the sale of the Standard Provider. The transaction will increase our cash balance significantly. As repeatedly communicated, our company will take advantage of the opportunities that may appear within the market we operate.”

S.D. Standard Drilling paid $11.1m for the Standard Provider, banking a healthy profit of over $3m.

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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