S.D. Standard Drilling offloads three PSVs

S.D. Standard Drilling offloads three PSVs

Øystein Stray Spetalen’s S.D. Standard Drilling (SDSD) has offloaded two PSVs and executed a sale-and-leaseback deal on another.

New World Supply, which SDSD holds a 26.2% stake in, has sold two of six medium sized platform supply vessels, the World Sapphire and World Emerald. The vessel have been laid up in Spain since 2016, however the sale price fetched is significantly higher than the book value of the vessels.

Northern Supply, which SDSD holds a 25.5% stake in, has completed the sale of 2006-built PSV FS Arendal. The vessel was sold for $2.8m and chartered back on bareboat charter for a period of one year, with a one year option. The charter rate has been set according to a 50/50 profit split on the net hire rate, and the buyer is investing $1.4m for a special survey/engine overhaul/DP 2.

Martin Nes, chairman of SDSD, commented: “These transactions are in line with our expectations of an increase in the value of our assets. In addition, these transactions strengthen the cash position in the company structure, still with no debt, and further enables Standard Drilling to pursue other attractive opportunities within the market the Company operates.”

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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