Standard Drilling pockets $7.5 million after closing vessel sale

Cyprus-based offshore vessel operator S.D Standard Drilling has completed the sale of one of its platform supply vessels (PSVs).

Standard Drilling entered into a Memorandum of Agreement to sell one large Norwegian built PSV, Standard Olympus, for $7.5 million in June 2021.

The transaction was completed today on 5 August 2021. S.D Standard Drilling Plc. has, through its subsidiary, Standard Olympus, received the transaction amount in full.

Standard Olympus is a seven-year-old large platform supply vessel, built at Havyard Ship Technology AS in Norway, with 800 square metres of deck space.

Following the sale, the company controls, directly and indirectly, a fleet of nine platform supply vessels – three large 1,000 square metre PSVs which are 100 per cent owned and six medium-sized PSVs with approximately 28 per cent ownership interest.

The company also has a 33.3 per cent ownership in the VLCC vessel Gustavia S and a share portfolio.