Standard Drilling invests in another PSV pair, increases fleet to 20

S.D Standard Drilling has invested $1.72 million corresponding to 25.5% of two PSVs, increasing the fleet to 20 vessels.

Standard Drilling said on Thursday that through an ownership of 25.53 percent in Northern PSV AS, a newly incorporated company, it would invest in another two medium size platform supply vessels of the UT 755 LN design.

The vessels were built at Aukra yard, Norway, in 2008 and 2009. The total purchase price for the two vessels is $4.9 million, financed solely through equity.

Martin Nes, chairman of Standard Drilling, said: “The acquisition of these two vessels is done at a very attractive price and further strengthens SDSD’s position in the PSV market in the North Sea.

“We will now have 20 vessels in our fleet, of which all five large size vessels are 100 percent owned. With a modern fleet of vessels, we are in a good position to gain on an upturn in the market we are operating in going forward.”

Northern PSV will do an equity issue of $6.75 million to finance the acquisition and working capital in the company.

The investment will be made through Wanax, a subsidiary of Standard Drilling, and following the closing of the acquisition, Standard Drilling will have 100 percent ownership in five large size PSVs and have part ownership in 15 medium size PSVs.

Fletcher Shipping will act as a technical and commercial manager for Northern PSV, while Clarksons Platou Project Finance will act as a corporate manager. The transaction of Northern PSV purchasing the two vessels will be completed in late March or early April 2018.

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