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MeldingsID: 436345
Dato/tid 12.10.2017 16:37
Utsteder S.D. Standard Drilling Plc
UtstederID SDSD
Instrument SDSD
Marked OB
Kategori ANNEN INFORMASJONSPLIKTIG REGULATORISK INFORMASJON
Informasjonspliktig   Informasjonspliktige opplysninger
Vedlegg
Tittel S.D. Standard Drilling Plc. (the "Company") to acquire two (2) large Norwegian built Platform Supply Vessels ("PSV") through its wholly owned Norwegian subsidiary Wanax AS, increasing its fleet to 18 Vessels
Tekst
Through its wholly owned subsidiary Wanax AS, S.D. Standard 
Drilling Plc., will acquire the two (2) UT 776 CD PSV 
vessels E.R. Athina and E.R. Georgina (jointly 
the "Vessels"). The acquisition of E.R. Georgina is subject 
to charters consent which cannot be unreasonably withheld. 
The Vessels are large PSVs, built at STX Brevik, Norway, in 
2009-2010, with 1,000m2 deck space. The Vessels are to be 
acquired for a total en-bloc consideration of USD 22.2 
million. 

The acquisitions are expected to be completed in November 
2017.

The Vessels are currently working in the UK sector of the 
North Sea. E.R. Georgina is on a term contract with Maersk 
Oil until July 2018, whilst E.R. Athina is working in the 
spot market.

Following the acquisition, the Company will control, 
directly and indirectly, a fleet of 18 PSVs; five (5) large 
PSVs 100% owned and thirteen (13) medium-sized PSVs with 
approximately 26% ownership interest. The acquisition will 
further strengthen the Company's investment in the PSV 
market and is in accordance with its strategy to seek for 
additional opportunities in the market that will further 
enable the Company to continue to grow its asset base.

"We are very pleased with the acquisition of the Vessels. 
The Vessels grow our asset base and fleet and are favorably 
priced at ~USD 11.1m per unit, representing a discount of 
81% to USD 57m actual newbuild price and a discount of 60% 
to the 25-year current newbuild parity of a 8 year old 
vessel with an implied value of USD 28m. Furthermore, the 
Vessels are both large and well-recognised Norwegian-built 
PSVs which are in good condition and are proving themselves 
in the North Sea every day" says Martin Nes, Chairman of the 
Company. 

Fletcher Shipping ("Fletcher") will be acting as technical 
and commercial manager for the Vessels. 

The Company currently has a cash holding of approximately 
USD 12.7 million. This includes only cash held by S.D 
Standard Drilling Plc and not cash held by other companies 
in the structure. In connection with the acquisition of the 
Vessels, the Board of the Company is considering different 
opportunities of financing but the Company has secured short 
term financing to meet its obligations.

No agreements have been entered into that are for the 
benefit of members of the management or board of directors 
of neither the Company nor Wanax AS in connection with the 
acquisition of the Vessels.


This stock exchange notice is published in accordance with 
the requirements for detailed stock exchange announcements 
pursuant to section 3.4 of the Continuing Obligations for 
companies listed on Oslo Axess.

For further information please contact:
General Manager, Evangelia Panagide at +357 99 77 11 16, or; 
Chairman of the Board, Martin Nes at +47 92 01 48 14

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