Øystein Stray Spetalen-controlled S.D. Standard Drilling is set to change its name to Standard ETC to echo the company’s new investment strategy.
The name change by the Cyprus-based and Oslo-listed platform supply vessel owner will be put to a shareholders vote at the extraordinary general meeting on January 14, 2022.
“We continue to implement our new investment strategy within energy, transportation and commodities (ETC) and propose to change name to Standard ETC to reflect this strategy,” said Martin Nes, chairman of Standard Drilling.
Founded in 2010, Standard Drilling controls, directly and indirectly, a fleet of seven PSVs, two large 100% owned and five medium-sized PSVs with a 28% ownership interest.
The company has been divesting its offshore fleet to direct the funds towards more liquid investments within its new core sectors. Standard Drilling’s investment portfolio has increased to $46m by the end of October 2021. The largest holding is Weatherford, but the portfolio also includes investments in the E&P, drilling, and shipping sectors.