S.D. Standard Drilling PSV awarded North Sea contract

S.D. Standard Drilling PSV awarded North Sea contract

Øystein Stray Spetalen’s S.D. Standard Drilling (SDSD) has been awarded a contract for 2007-built platform supply vessel Standard Supplier.

The vessel, one of five large PSVs wholly owned by the company, has been awarded a one-well firm contract in the North Sea. The contract commences in mid-February for an estimated period of 85 days. The unnamed charterer also has options to extend the charter with daily options at increased rates.

Martin Nes, chairman of SDSD, commented: “The new contract for Standard Supplier further strengthens our solid contract coverage for the winter season for our wholly owned fleet of 5 large PSVs, and with a balanced mix of longer and shorter contracts we are well positioned for what seems to be an interesting spring and summer season in the North Sea. Without any debt and with a good fleet management in Fletcher Shipping we are building a fleet that is in a good position to take part in an upturn in the market we are operating in.”

In addition to five wholly owned PSVs, all operating in the North Sea, SDSD has ownership stakes in an additional 13 PSVs.

“Standard Drilling will continue to look for large and modern PSVs suitable for the North Sea Market, and will also continue to distinguish ourselves from other players by being debt free and have a good cash position,” added Nes.

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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