Standard Drilling sells 10-year-old PSV for $15M

Norway-based offshore vessel owning company Standard Drilling has agreed to sell its Standard Supporter platform supply vessel for $15 million.

Standard Supporter PSV - Image by Rab Lawrence -Flickr / Shared under CC BY 2.0 license
Standard Supporter PSV – Image by Rab Lawrence -Flickr / Shared under CC BY 2.0 license

The ten-year-old platform supplier is a large PSV with 1,000m2 deck space, built at STX Brevik, Norway. Standard Drilling said the sale would further strengthen the company’s cash balance. The company did not share the identity of the buyer.

Standard Drilling’s subsidiary Standard Supporter AS has received a 10% deposit of the purchase price. The transaction is subject to inspection and expected to be completed within December 2019.

Following the sale, Standard Drilling will control, directly and indirectly, a fleet of 13 PSVs; four large PSVs 100% owned and nine medium-sized PSVs with around 26% ownership interest, including one vessel on a bareboat contract. The sale of the Standard Supporter comes after the company in October said it had sold the Standard Provider PSV for $13.5 million. 

Martin Nes, Chairman of the company, said on Tuesday: “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 $11.1 million. The profit, excluding fair value adjustments, will be approximately $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.”

One can say that Standard Drilling has scored a good deal for the Standard Supporter, given that VesselsValue, a website providing vessel evaluations, currently values the Standard Supporter at $5.7 million.


Offshore Energy Today Staff

Spotted a typo? Have something more to add to the story? Maybe a nice photo? Contact our editorial team via email.

Also, if you’re interested in showcasing your company, product, or technology on Offshore Energy Today, please contact us via our advertising form, where you can also see our media kit.

Share this article

Follow Offshore Energy Today

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply