S.D. Standard Drilling plc

06/11/2021 | Press release | Distributed by Public on 06/11/2021 00:50

SDSD: Entered into MOA for sale of Standard Olympus

(Limassol, 11 June 2021) S.D. Standard Drilling Plc. (Standard Drilling, OSE: SDSD) has entered into a Memorandum of Agreement (MOA) to sell Standard Olympus for USD 7.5 million. Through its wholly owned subsidiary Standard Olympus AS, S.D. Standard Drilling Plc, has agreed to sell Standard Olympus for gross USD 7.5 million. The sale of Standard Olympus will result in a gain for Standard Drilling of gross USD 1.3 million. The Vessel is a large Platform Supply Vessel (PSV), built at Havyard Ship Technology AS, Norway, in 2014, with 800m2 deck space. 'The transaction is a result of Standard Drilling's renewed focus on more diversified investments within the shipping, offshore and renewables segments. It gives Standard Drilling increased flexibility to pursue other investments opportunities' says Martin Nes, Chairman of Standard Drilling. Following the sale, Standard Drilling will control, directly and indirectly, a fleet of 9 PSVs; three large 1,000 m2 PSVs 100% owned and six medium-sized PSVs with approximately 28% ownership interest. In addition, the company has 33.3% ownership of the VLCC vessel Gustavia S and a share portfolio. The sale will further strengthen the company's cash balance. The transaction is subject to certain corporate resolutions and buyer's inspection and acceptance of the vessel. The transaction is expected to be completed within August 2021. For further information please contact: General Manager, Evangelia Panagide at +357 99 77 11 16, or; Chairman of the Board, Martin Nes at +47 92 01 48 14 Standard Drilling|www.standard-drilling.com S.D. Standard Drilling is an investment company within shipping, offshore and renewables which was founded in 2010. In addition to a share portfolio and 33.3% ownership in the VLCC 'Gustavia S', the company currently has 100% ownership interest in four large-size Platform Supply Vessels (PSVs) and an indirect ownership interest in six mid-size PSVs. S.D. Standard Drilling is headquartered in Cyprus and is listed on Oslo Stock Exchange with the ticker code SDSD. This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Espen Lundaas on 11 June 2021 at 08:50 CET