Standard Drilling, an offshore driller turned offshore vessel owner, has secured a one well firm contract for its Standard Supplier platform supply vessel in the North Sea, with an undisclosed client.
The Oslo-listed company said on Thursday that the contract would last 85 days, starting mid-February 2018.
The charterer has the option to extend the charter with daily options at increased rates.
The commercial terms of the contract remains private and confidential but will give a positive EBITDA after management costs, the company said.
“The new contract for Standard Supplier further strengthens our solid contract coverage for the winter season for our wholly owned fleet of 5 large PSVs, and with a balanced mix of longer and shorter contracts we are well positioned for what seems to be an interesting spring and summer season in the North Sea. Without any debt and with a good fleet management in Fletcher Shipping we are building a fleet that is in a good position to take part in an upturn in the market we are operating in”, said Martin Nes, Chairman of the Board of Standard Drilling.
SDSD has ownership in 18 PSVs in total. Out of these, 5 large PSVs are wholly owned and working in the North Sea.
“Standard Drilling will continue to look for large and modern PSVs suitable for the North Sea Market, and will also continue to distinguish ourselves from other players by being debt free and have a good cash position” says Martin Nes.