Standard Drilling Enters into MOA for Sale of Standard Olympus

Source: www.gulfoilandgas.com 6/11/2021, Location: Europe

S.D. Standard Drilling Plc has entered into a Memorandum of Agreement (MOA) to sell Standard Olympus for USD 7.5 million.

Through its wholly owned subsidiary Standard Olympus AS, S.D. Standard Drilling Plc, has agreed to sell Standard Olympus for gross USD 7.5 million. The sale of Standard Olympus will result in a gain for Standard Drilling of gross USD 1.3 million. The Vessel is a large Platform Supply Vessel (PSV), built at Havyard Ship Technology AS, Norway, in 2014, with 800m2 deck space.

"The transaction is a result of Standard Drilling's renewed focus on more diversified investments within the shipping, offshore and renewables segments. It gives Standard Drilling increased flexibility to pursue other investments opportunities" says Martin Nes, Chairman of Standard Drilling.

Following the sale, Standard Drilling will control, directly and indirectly, a fleet of 9 PSVs ; three large 1,000 m2 PSVs 100% owned and six medium-sized PSVs with approximately 28% ownership interest. In addition, the company has 33.3% ownership of the VLCC vessel Gustavia S and a share portfolio. The sale will further strengthen the company's cash balance.

The transaction is subject to certain corporate resolutions and buyer's inspection and acceptance of the vessel. The transaction is expected to be completed within August 2021.


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