Saga Tankers ups stake in S.D. Standard Drilling

Saga Tankers ups stake in S.D. Standard Drilling

Oslo: Oslo-listed Saga Tankers, which is currently merging with private equity investment company Strata Marine & Offshore, has purchased an additional 6,692,228 shares today in rig owner S.D. Standard Drilling.

Saga Tankers, which is controlled by Øystein Stray Spetalen, one of Norway’s most successful investors, now has a total of 56,372,310 shares representing a 21.5% share of S.D. Standard Drilling.

Earlier this year Spetalen and Saga Tankers were warned that the shipping line could be delisted from the Oslo Børs as its shareholding structure did not meet the exchange’s required structure limits, with Spetalen holding more than 90% of the line. The planned merger of Saga Tankers and Strata will reduce Spetalen’s holding in the merged entity to 77%.

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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