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    SD Standard Drilling acquires three more PSVs

    Vessel & ROV News // January 20, 2017

    SD Standard Drilling Plc is to acquire three large Norwegian-built platform supply vessels (PSVs) on a wholly owned basis, increasing its fleet to 10 units.

    Through wholly owned subsidiaries, SD Standard Drilling has agreed to acquire the three ST-216L CD PSVs Volstad Viking, Volstad Supplier and Volstad Princess from Volstad Shipping AS.

    The vessels are large PSVs, all built at Aker Brattvaag, Norway in 2007-2008, with 1,060m2 deck space and ice class (ICE-1B) capabilities.

    The vessels are to be acquired for a total en-bloc consideration of US$40 million.

    Following the acquisition, the company will control a fleet of 10 Norwegian built PSVs.

    "We are very pleased with the acquisition of the vessels, which grow our asset base and fleet significantly and are favorably priced at US$13.3 million per unit, representing a discount of 67 per cent to US$40.6 million newbuild price and a discount of 47 per cent to the 25-year current newbuild parity of a nine year old vessel with an implied value of US$25 million.

    "The vessels are all large and well-recognised PSVs which distinguish themselves with their power, speed and good stationkeeping capabilities, especially in harsh weather conditions. They have an impeccable operating track record and enable  the company to enter the Norwegian market. With their ice class capabilities the Vessels are also likely to be deployed for operations in harsh/sub-Arctic regions," said Martin Nes, chairman of the company.

    Fletcher Shipping will act as technical and commercial manager for the ships. 

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