SD Standard Drilling makes PSV play

SD Standard Drilling makes PSV play

Øystein Stray Spetalen’s offshore investment vehicle SD Standard Drilling has invested $2.4m to take a 20% stake in PSV Opportunity I DIS.

PSV Opportunity I DIS owns three mid-size platform supply vessels, all built at Kleven Verft in Norway, and purchased for a price of $7.5m funded by equity. SD Standard Drilling says that Fletcher Shipping will be the technical and commercial managers of the vessels.

SD Standard Drilling was taken over last year Saga Tankers which is controlled by Øystein Stray Spetalen. It was incorporated in 2010 starting out as a rig operator, then later sold all its rig building contracts and adopted a strategy of investing within the oil and gas service sector.

After making the investment in PSV Opportunity I DIS, the company says it has a bank balance of around $6.6m.

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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