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Standard Drilling Sells 10-Year-Old PSV for $15M

Source: 11/19/2019, Location: Europe

Standard Drilling Plc, has agreed to sell (the "Transaction") one (1) UT 776 CD PSV vessel, Standard Supporter ( the "Vessel"), for USD 15 million. The Vessel is a large PSV, built at STX Brevik, Norway, in 2009, with 1,000m2 deck space.

Standard Supporter AS has received 10% deposit of the purchase price. The Transaction is subject to inspection and expected to be completed within expiring of December 2019.

Following the sale, the Company will control, directly and indirectly, a fleet of 13 PSVs ; four (4) large PSVs 100% owned and nine (9) medium-sized PSVs with approximately 26% ownership interest, including one vessel on a bare boat contract. The sale will further strengthen the Company's cash balance.

"We are pleased with the sale of the Standard Supporter. The transaction will strengthen our strong balance sheet even further, increasing our cash balance significantly.

During 2019 we have purchased one large PSV (Standard Olympus, 2014 built) and sold two large vessels (including Standard Supporter) showing that we continue to follow our strategy. Standard Supporter was acquired in 2017 for USD 11.1 million.

The profit, excluding fair value adjustments, will be approximately USD 4 million including the result of the operation of the Vessel. By selling Standard Supporter we have also reduced forward capital expenditures commitment in relation to the Vessel due in 2020. " says Martin Nes, Chairman of the Company.

Pro forma cash holding of the Company is approximately USD 58 million, as if the Transaction was completed today. This includes pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

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 Standard Supporter AS in connection with the sale of the Vessel.

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 Stock Exchange.

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Related Categories: Diving Contractors  Dredging  FPSO Vessels and Equipment  General  Marine Services  Mooring Systems  Offshore Platforms  Subsea Production 

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