S D Standard Drilling invests in more PSVs

Norway’s S D Standard Drilling (SDSD) is investing in another two medium platform supply vessels.

The vessels were built in Norway in 2008 and 2009 and are being acquired by newly incorporated Northern PSV for $4.9m. To fund the acquisition, Northern PSV will undertake an equity issue which will see SDSD invest $1.72m to take a 25.5% stake.

Sources tell Splash that the seller is Germany’s E.R. Offshore, completing the sale of their entire fleet.

The investment will give SDSD 100% ownership in five large size PSVs and part ownership in 15 medium size PSVs.

Martin Nes, chairman of SDSD, commented: “The acquisition of these two vessels is done at a very attractive price and further strengthens SDSD’s position in the PSV market in the North Sea. We will now have 20 vessels in our fleet, whereof all five large size vessels are 100% owned. With a modern fleet of vessels we are in a good position to gain on an upturn in the market we are operating in going forward.”

Fletcher Shipping will act as technical and commercial manager of the ships, while Clarksons Platou Project Finance is acting as a corporate manager.

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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