Saga Tankers tables mandatory offer for SD Standard Drilling takeover

Saga Tankers tables mandatory offer for SD Standard Drilling takeover

Oslo: Saga Tankers has made a cash offer to acquire all outstanding shares in SD Standard Drilling, as required by law last month when it increased its shareholding to 53%.

The company is offering NOK 1.35 ($0.17) per share, payable in cash, valuing the company at NOK 353,700,000 ($45.5m). The offer is the equivalent to the share price at close on May 19.

Saga Tankers currently holds 157,013,630 shares representing a 59.93% stake, and said the acquisition will be financed with existing funds. The company is controlled by Øystein Stray Spetalen, one of Norway’s most successful investors.

SD Standard Drilling was incorporated in 2010, starting out as a rig operator. The company later sold all its rig building contracts and has a strategy of investing within the oil and gas service sector.

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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