SDSD: Sale of Standard Princess
(Limassol, 23 November 2021) S.D. Standard Drilling Plc. (Standard Drilling, OSE: SDSD) has entered into a Memorandum of Agreement to sell the vessel Standard Princess for USD 10.3 million. The proceeds from the vessel and any future divestments of the offshore fleet will be directed towards more liquid investments within Standard Drilling’s core sectors.“As previously announced, Standard Drilling’s has transitioned its focus to more diversified investments within the energy, transportation and commodities. The sale of Standard Princess is in line with the new strategy and gives Standard Drilling increased flexibility to pursue other investment opportunities,” says Martin Nes, Chairman of Standard Drilling.
Through a wholly owned subsidiary, Standard Drilling has agreed to sell the vessel Standard Princess for USD 10.3 million. The sale of Standard Princess will result in a gain for Standard Drilling of gross USD 2.3 million, compared to the book value end of the third quarter 2021. The vessel is a large Platform Supply Vessel (PSV), built at Aker Brattvaag, Norway, in 2008, with 1,060 m2 deck space.
Following the sale, Standard Drilling will control, directly and indirectly, a fleet of 7 PSVs; two large 1,000 m2 PSVs 100% owned and five medium-sized PSVs with approximately 28% ownership interest.
The sale will further strengthen the company's cash balance and investment capacity. Standard Drilling has received 10% deposit of the purchase price and the transaction is expected to be completed within January 2022.
