ANNEN INFORMASJONSPLIKTIG REGULATORISK INFORMASJON
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
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
The acquisitions are expected to be completed in November
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
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
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