SDSD have secured new term contracts for Standard Princess, Standard Supplier and Standard Provider, all large platform supply vessels ("PSV's"), 100% owned by SDSD. The term contracts secure solid utilization going forward, with well known and reputable counterparties, all at increased day-rates in line with our 2019 forecast. The total firm period of the contracts corresponds to ~460-470 days. In addition, these term contracts have a combined option period of ~265days.
The utilization for the five large PSVs was 100% in February and 93 % year to date 2019 including January and February.
The term contracts, recently entered into by SDSD, is as follows:
Standard Princess (2008): Firm 185 day contract with a well known and reputable counterparty in direct continuation of current contract when the vessel completes the existing contract 1 April 2019. Total option period ~14 weeks with a mix of monthly, weekly and daily options.
Standard Supplier (2007): Firm 185 day contract with a well known and reputable counterparty with recommencement of previous contract starting end of March or beginning of April. Total option period ~14 weeks with a mix of monthly, weekly and daily options.
Standard Provider (2010): Firm 1 well contract (90-100 days) with Ithaca with commencement between 4 April and 4 May. 1 well option, estimated at 70 days at increased rate.