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Standard Drilling to acquire Norwegian-built PSV

Published by , Editorial Assistant
Oilfield Technology,

Through its wholly owned subsidiary Wanax AS, S.D. Standard Drilling Plc., will acquire the Havyard 832 PSV vessel Olympus (the ‘Vessel’). All terms have been agreed and there are no further conditions.

The Vessel is a large PSV, built at Havyard Ship Technology AS, Norway, in 2014, with 800 m2 deck space. The Vessel has been acquired for a total consideration of US$8.1 million, which will be financed by available cash.

The acquisition is expected to be completed within 10 business days.

The Vessel was sold through a court process by the Admiralty Marshal, Supreme Court, Gibraltar. The Vessel has previously been working in the UK sector and North Sea and will be available for charter from completion of the transaction.

After the transaction, Standard Drilling has 100% ownership of six large-size modern PSVs. In addition, the Company has invested in 9 mid-size PSVs, bringing the total fleet of partly and fully owned vessels to 15 PSVs, including one vessel on a bare-boat contract. The acquisition will further strengthen the Company's investment in the PSV market and is in accordance with its strategy to seek for additional opportunities in the market.

"We are very pleased with the acquisition of the Vessel. The Vessel is favorably priced at ~USD 8.1 million, representing a discount of ~82 % to US$44 m estimated newbuild price and a discount of ~77% to the 25-year current newbuild parity of a 5-year-old vessel with an implied value of ~US$35.2m. Furthermore, the Norwegian built Vessel, which is well-recognised and attractive among charters with a proven design, is in very good condition" says Martin Nes, Chairman of the Company.

Fletcher Shipping (‘Fletcher’) will be acting as technical and commercial manager for the Vessels.

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