Øystein Stray Spetalen’s S.D. Standard Drilling (SDSD) has spent $9.25m to purchase 500,000 shares in offshore driller Noble Corporation, giving it an ownership stake of 1%.
Noble came out of chapter 11 last month after completing a restructuring which saw it emerge with less than $400m of debt and liquidity of approximately $600m.
In addition to the Noble investment, SDSD owns four platform supply vessels, 28% ownership in six platform supply vessels and a 33.3% stake in VLCC Gustavia S. It also has a cash balance of around $18m.
