Standard Drilling enters platform supply vessel market

Standard Drilling, the used-to-be drilling contractor, is moving into the offshore support vessels sector.

More precisely, the company has entered the platform supply vessel market with the acquisition of 20 percent stake in PSV Opportunity I DIS for $2.4 million.

PSV owns three mid-sized PSV vessels (VS 470 MK II). The vessels were built at Kleven Verft in Norway in 2005 and 2006.

The aggregated purchase price for the three vessels is $7.5 million. PSV will be financed by equity only.

Fletcher Shipping will act as Technical and Commercial Manager. Clarksons Platou Project Finance AS will act as a Corporate Manager.

S.D Standard Drilling Plc will have a bank balance of approximately $6.6 million after the investment.

To remind, Standard Drilling was established for the purpose of building “a premium oilfield services company with superior assets, systems and people”.

Having sold all initial jack-up rig building contracts, the strategy of the company has changed, from building up to become an operator of rigs, to being an investment company within the oil and gas service sector.

Offshore Energy Today Staff

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