Standard Drilling lanseres som opplagt oppkjøpskandidat

Refvik

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Standard Drilling lanseres som opplagt oppkjøpskandidat
18. april 2018

Clarksons Platou Securities hyller flåten til Standard Drilling, og venter at rederiet vil bli en del av et større system.

Spotmarkedet for offshore forsyningsskip i Nordsjøen er i ferd med å stramme seg til.

Skipsmeglerhusenes oversikter viser at det er tilnærmet utsolgt i spotmarkedet på norsk side, samtidig som det er flere utestående anbud. Det er ikke mye ledig kapasitet på britisk side heller for øyeblikket.

Fra å ha ligget på mellom 4.000 og 5.000 pund tidligere i vinter, har ratene tikket oppover til mellom 8.000 og 9.000 pund den siste uken.

De seneste slutningene er blitt gjort til 13.000 pund, eller rundt 143.000 kroner, og dermed begynner det å monne litt for kriserammede offshorerederier med skip i spotmarkedet.

Også perioderatene begynner å vise bærekraftige nivåer. Ifølge Clarksons Platou Securities er det ifølge industrikilder ute anbud for periodekontrakter til sommeren på opp til 18.500 dollar pr. dag, tilsvarende 144.000 kroner.

Clarksons favoritt
For investorer som ønsker å posisjonere seg for et oppsving i både rater og skipsverdier, er det imidlertid noen alternativer som er bedre enn andre, ifølge meglerhuset Clarksons Platou Securities.

-Standard har brukt nedturen til å plukke opp noen av de beste eiendelene i OSV (Offshore Support Vessel)-industrien til kraftig rabatterte priser med null bruk av gjeld. Nå er Standard posisjonert for å dra nytte av det kommende oppsvinget i Nordsjøen, der alle deres 100 prosent-eide fartøy jobber og skipsverdiene er stigende, skriver Clarksons Platou-analytikerne Turner Holm og Hans Lund i en fersk analyse av offshorerederiet Standard Drilling der investor Øystein Stray Spetalen er største eier.

Standard Drilling har en heleid flåte på seks store forsyningsskip. I tillegg har rederiet en eierandel på 26.2 prosent i New World Supply som eier seks mediumstore forsyningsskip, samt en 25,5 prosents eierandel i et selskap som eier ni mediumstore forsyningsskip.

De siste to skipene ble innlemmet i flåten i midten av mars.

Meglerhuset påpeker at rederiet har nok kontanter til å kjøpe nok et stort forsyningsskip uten bruk av gjeld, og at det fortsetter å jakte etter vekstmuligheter før skipsverdiene stiger ytterligere.

Les meir på sidene til Hegnar.no
 

Refvik

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Staff member
S.D. Standard Drilling Plc ("SDSD") ? Fleet update and utilization for fourth quarter 2018

Standard Supporter, one of five large platform supply vessels (?PSVs?) owned by SDSD, has on 21 January commenced on a 1 well contract, at levels well above operating cost. The contract length is approximately 100 days.

All 5 large PSVs wholly owned by SDSD are currently working on term contracts as follows ;

Standard Viking: 1 year firm contract with Peterson to mid July 2019, including a 1 year option at increased rate.

Standard Princess: Firm contract with Allseas from 30 September 2018 to 15 February, then 2x1 week plus 15x1 days options at increased rate.

Standard Supplier: Firm contract with Allseas from 1 October 2018 to 15 February, then 2x1 week plus 15x1 days options at increased rate.

Standard Provider: Firm contract with Allseas from 16 December 2018 to 29 January, then 6x1 week plus 15x1 day options.

Standard Supporter: 1 well firm contract with Repsol, estimated for approximately 100 days from 21 January 2019.

The commercial terms of the contracts remains private and confidential but will in total give a positive EBITDA after management costs.

?With Standard Supporter commencing the contract with Repsol, all our five large size PSVs are working on term contracts. If options are exercised, we have successfully secured winter coverage for all our large size vessels. It is a challenging winter market so keeping the vessels in operation is key and in line with the company?s strategy. We are now in a good position to meet what we think will be a better market when the spring season arrives?, says Martin Nes, Chairman of the Board of S.D Standard Drilling Plc.

The utilization for the large size PSVs was 90% in the fourth quarter 2018 and 91% for the year 2018.

Considering the market that we have been in and based on our strategy to not charter out our large vessels on long contracts with low rates, we are satisfied with the utilization,? says Martin Nes, Chairman of the Board of S.D Standard Drilling Plc.

SDSD has ownership in 17 PSVs in total (in addition to FS Arendal that is on a 1 year BB contract that expire end of March 2019). Out of these, 5 large size PSVs are wholly owned and working in North Europe. 8 mid-size vessels are partly owned through ~25% ownership in Northern Supply AS and out of these 8 vessels ;

- 2 are working on term contracts in the North Sea (including FS Arendal)
- 4 is working in the spot market
- 2 are held in house for maintenance
- 1 are in warm lay-up and actively marketed

The utilization for the medium size PSVs (including FS Arendal) in fourth quarter 2018 was 81% and 89 % for the year 2018.

New World Supply Ltd (?NWS?), where SDSD has an ownership of 34.4%, has a fleet of 4 modern mid-size PSVs, after sale of two vessels in October 2018, all built in 2013. All of the NWS vessels are in lay up. SDSD consider its holding in NWS as a financial investment.
 

Refvik

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Spetalen-selskap kjøpte seg opp i offshorekrisen: – Vi er forsiktige optimister

Også i fjor så rederiet Standard Drilling lysere tider på vei i supplymarkedet, men optimismen druknet i en flom av skip. Nå mener styreleder Martin Nes det er to gode grunner til at oppsvinget kommer til sommeren.

Øystein Stray Spetalen-selskapet Standard Drilling har satset på kjøp av det de mente var billige skip i offshorenedturen.

Det har vært tunge tider for mange rederier, som har slitt med overkapasitet, lave rater og til dels store gjeldsbyrder.

Uten gjeld og med en opportunistisk innstilling har derimot Standard Drilling tatt et veddemål som de tror skal gi gevinst når markedet forhåpentligvis snur.

Nå tror styreleder Martin Nes det er en endring på gang i markedet, til det bedre, når sommeren kommer. I markedet i Nordsjøen er typisk sommeren høysesong for offshorerederiene, mens vinteren er lavsesong.

– Vi er forsiktige optimister for vår- og sommersesongen. Vi ser en positiv utvikling fra der vi var, det er det ingen tvil om, sier han til E24.

Nes hadde onsdag tatt turen til Sparebank 1 Markets energikonferanse, der han snakket om selskapet han leder og tilstanden i markedet.

Les meir på sidene til e24
 

Refvik

Administrator
Staff member
S.D. Standard Drilling Plc ("SDSD") - New term contracts entered into and utilization primo 2019

With reference to the stock exchange release dated 22 January 2019.

SDSD have secured new term contracts for Standard Princess, Standard Supplier and Standard Provider, all large platform supply vessels ("PSV's"), 100% owned by SDSD. The term contracts secure solid utilization going forward, with well known and reputable counterparties, all at increased day-rates in line with our 2019 forecast. The total firm period of the contracts corresponds to ~460-470 days. In addition, these term contracts have a combined option period of ~265days.

The utilization for the five large PSVs was 100% in February and 93 % year to date 2019 including January and February.

The term contracts, recently entered into by SDSD, is as follows:

Standard Princess (2008): Firm 185 day contract with a well known and reputable counterparty in direct continuation of current contract when the vessel completes the existing contract 1 April 2019. Total option period ~14 weeks with a mix of monthly, weekly and daily options.

Standard Supplier (2007): Firm 185 day contract with a well known and reputable counterparty with recommencement of previous contract starting end of March or beginning of April. Total option period ~14 weeks with a mix of monthly, weekly and daily options.

Standard Provider (2010): Firm 1 well contract (90-100 days) with Ithaca with commencement between 4 April and 4 May. 1 well option, estimated at 70 days at increased rate.

Further:

Standard Viking (2008): currently working on a 1 year firm contract with Peterson to mid July 2019, including a 1 year option at increased rate.

Standard Supporter (2009): currently working on a 1 well (~100 days) firm contract with Repsol from 21 January 2019.

The commercial terms of the contracts remain private and confidential but will in total give a positive EBITDA after management costs.

"The abovementioned contracts and the rates to be paid confirm our optimism for the spring and summer season in the North Sea", says Martin Nes, Chairman of the Board of S.D Standard Drilling Plc.

SDSD has ownership in 17 platform supply vessels in total (in addition to FS Arendal that is on a 1 year BB contract that expire end of March 2019). Out of these, 5 large size PSVs are wholly owned and working in North Europe. 8 mid-size vessels are partly owned through ~25% ownership in Northern Supply AS and out of these 8 vessels ;

FS Arendal is on term contract with Repsol ;
FS Kristiansand to commence a term contract with GAC Norway ;
FS Aberdour to commence a term contract with Spirit Energy ;
FS Carrick is completing a term contract with Fraser Well management.
FS Abergeldie, FS Braemar, and FS Balmoral continue to enjoy a rising 'spot market'.
FS Crathes is 'in-house' for maintenance and FS Bergen remains in warm lay-up, and actively being marketed.

The utilization for the medium size PSVs (including FS Arendal) in February 2019 was 82% and 77 % year to date 2019 including January and February.

New World Supply Ltd ("NWS"), where SDSD has an ownership of 34.4%, has a fleet of 4 modern mid-size PSVs, after sale of two vessels in October 2018, all built in 2013. All of the NWS vessels are in lay up. SDSD consider its holding in NWS as a financial investment.
 
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