Athens: SD Standard Drilling’s (SDSD) new majority shareholder Saga Tankers says it intends to make a mandatory offer for the remaining shares in SDSD within the next four weeks.
Over two transactions this week, Saga Tankers has purchased 94,012,569 shares in Oslo-listed SD Standard Drilling (SDSD) at a total cost of NOK 127m ($16.6m).
This brings Saga’s shareholding in SDSD to 53.5% or 140,078,869 shares, which under Norwegian law means it must make a mandatory offer for the company’s remaining shares.
Saga Tankers announced on May 20 its acquisition of 78,338,000 shares in SDSD from Clearwater Capital Partners. The stake was purchased at a price of NOK 1.35 ($0.17) per share or NOK 105.8m ($13.9m) in total.
In an exchange filing to the Oslo bourse today, Saga said it has gone back for more, spending NOK 21.2m ($2.8m) on a further 15,674,569 shares at the same price per share.
Oslo-listed Saga Tankers is currently merging with private-equity investment company Strata Marine & Offshore, and acquired a small stake in SDSD at the end of April.
After selling to Saga, Clearwater Capital no longer holds any stake in SDSD.