S.D. Standard Drilling profits from sale of platform supply vessels

Øystein Stray Spetalen’s S.D. Standard Drilling (SDSD) has announced that New World Supply (NWS), a vessel owning company in which SDSD has a 34.4% stake, has completed the sale of its remaining four medium sized platform supply vessels.

The vessels sold are the World Diamond, World Peridot, World Pearl and World Opal, and all have been laid up in Norway since 2016.

SDSD says the transaction, which has been completed, was done at a level significantly higher price than the purchase price.

Martin Nes, chairman of SDSD, commented: “This transaction is in line with our expectations of an increase of the value of our fleet. The sale of vessels is done at higher levels compared to the two vessels sold in October 2018. Further, this transaction is evidence of the fact that the company’s purchase price of shares in New World Supply were done at highly attractive levels. The company’s ultimate strategy is to create shareholder value. This transaction supports this strategy.”

Standard Drilling is now left with investments in 9 mid-size PSVs and 100% ownership of five large-size PSVs.

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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