Standard Drilling (SDSD)

TekBot · mars 21, 2019, 7:15am

21/03-2019 08:15:00: (SDSD) S.D. Standard Drilling Plc (“SDSD”) - New term contracts entered into and utilization primo 2019

Limassol, 21 March 2019

With reference to the stock exchange release dated 22 January 2019.
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SDSD have secured new term contracts for Standard Princess, Standard Supplier
and Standard Provider, all large platform supply vessels (“PSV’s”), 100% owned
by SDSD. The term contracts secure solid utilization going forward, with well
known and reputable counterparties, all at increased day-rates in line with our
2019 forecast. The total firm period of the contracts corresponds to ~460-470
days. In addition, these term contracts have a combined option period of
~265days.

The utilization for the five large PSVs was 100% in February and 93 % year to
date 2019 including January and February.

The term contracts, recently entered into by SDSD, is as follows:

Standard Princess (2008): Firm 185 day contract with a well known and reputable
counterparty in direct continuation of current contract when the vessel
completes the existing contract 1 April 2019. Total option period ~14 weeks with
a mix of monthly, weekly and daily options.

Standard Supplier (2007): Firm 185 day contract with a well known and reputable
counterparty with recommencement of previous contract starting end of March or
beginning of April. Total option period ~14 weeks with a mix of monthly, weekly
and daily options.

Standard Provider (2010): Firm 1 well contract (90-100 days) with Ithaca with
commencement between 4 April and 4 May. 1 well option, estimated at 70 days at
increased rate.

Further:

Standard Viking (2008): currently working on a 1 year firm contract with
Peterson to mid July 2019, including a 1 year option at increased rate.

Standard Supporter (2009): currently working on a 1 well (~100 days) firm
contract with Repsol from 21 January 2019.

The commercial terms of the contracts remain private and confidential but will
in total give a positive EBITDA after management costs.

“The abovementioned contracts and the rates to be paid confirm our optimism for
the spring and summer season in the North Sea”, says Martin Nes, Chairman of the
Board of S.D Standard Drilling Plc.

SDSD has ownership in 17 platform supply vessels in total (in addition to FS
Arendal that is on a 1 year BB contract that expire end of March 2019). Out of
these, 5 large size PSVs are wholly owned and working in North Europe. 8
mid-size vessels are partly owned through ~25% ownership in Northern Supply AS
and out of these 8 vessels;

FS Arendal is on term contract with Repsol;
FS Kristiansand to commence a term contract with GAC Norway;
FS Aberdour to commence a term contract with Spirit Energy;
FS Carrick is completing a term contract with Fraser Well management.
FS Abergeldie, FS Braemar, and FS Balmoral continue to enjoy a rising ‘spot
market’.
FS Crathes is ‘in-house’ for maintenance and FS Bergen remains in warm lay-up,
and actively being marketed.

The utilization for the medium size PSVs (including FS Arendal) in February 2019
was 82% and 77 % year to date 2019 including January and February.

New World Supply Ltd (“NWS”), where SDSD has an ownership of 34.4%, has a fleet
of 4 modern mid-size PSVs, after sale of two vessels in October 2018, all built
in 2013. All of the NWS vessels are in lay up. SDSD consider its holding in NWS
as a financial investment.

š

For further information please contact:
Chairman of the Board Martin Nes at +47 92 01 48 14, or General Manager
Evangelia Panagide at +357 99 77 11 16

http://www.netfonds.no/quotes/release.php?id=20190321.OBI.20190321S11

Kronn · mars 22, 2019, 8:34am

Sdsd i ferd med å ta av

Kronn · mars 25, 2019, 9:06am

Chrysler300C · april 4, 2019, 5:42am

Her er det ikke mye aktivitet , men tror uansett vi står for en god oppgang fremover

Teknisk ser det bra ut !

Capture

TekBot · april 12, 2019, 5:14pm

12/04-2019 19:13:48: (SDSD) S.D. Standard Drilling Plc (“SDSD”) - Sale of NWS vessels

Limassol, 12 April 2019

New World Supply Ltd (“NWS”), where SDSD has an ownership of 34.4%, has
…

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completed a sale (“Transaction”), with a well known and reputable counterparty,
of its remaining four medium sized platform supply vessels (PSVs). The vessels,
“World Diamond”, “World Peridot”, “World Pearl” and “World Opal”( jointly
referred to as “NWS vessels”) , have been in lay-up in Norway since October and
November 2016.

The transaction is completed and the purchased price has been fully paid for all
four vessels. All terms have been agreed and there are no further conditions.
The transaction is done at a level that reflect higher vessel value compared to
SDSD’s book value and significantly higher than the acquisition price of the
shares in New World Supply Ltd purchased by SDSD. NWS and its subsidiaries now
have cash holdings only and no vessels.

SDSD has previously highlighted that it will take advantage of opportunities
that may appear. Further SDSD has stated that it considered its holding in NWS
as a financial investment. Consequently, the sale of these vessels, at a
significantly higher price than the purchase price, is in line with SDSD’s
strategy.

“This transaction is in line with our expectations of an increase of the value
of our fleet. The sale of vessels is done at higher levels compared to the two
vessels sold in October 2018. Further, this transaction is evidence of the fact
that the company’s purchase price of shares in New World Supply were done at
highly attractive levels. The company’s ultimate strategy is to create
shareholder value. This transaction supports this strategy” says Martin Nes,
Chairman of the Board in SDSD.

After the transactions, Standard Drilling has a 100% ownership of five
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 14 PSVs,
including one vessel on a bare-boat contract.

The pro-forma cash balance of SDSD end of March 2019 would be approximately USD
36 million, as if the Transaction was closed in March, including pro-rata
ownership of cash in subsidiaries and investments, of which USD approximately
20.5 million is cash in SDSD and subsidiaries.

SDSD has no debt.

š

For further information please contact:
Chairman of the Board Martin Nes at +47 92 01 48 14, or General Manager
Evangelia Panagide at +357 99 77 11 16

http://www.netfonds.no/quotes/release.php?id=20190412.OBI.20190412S143

TekBot · april 16, 2019, 5:10am

16/04-2019 07:10:00: (SDSD) S.D. Standard Drilling Plc - 2018 Annual Report

TekBot · april 24, 2019, 2:16pm

24/04-2019 16:16:23: (SDSD) S.D. Standard Drilling Plc. (the “Company”) to acquire one (1) large size Norwegian built Platform Supply Vessel (“PSV”)

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
…

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Havyard Ship Technology AS, Norway, in 2014, with 800m2 deck space. The Vessel
has been acquired for a total consideration of USD 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 USD 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 ~USD 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.

The Company currently has a cash holding of approximately USD 36 million before
the purchase and payment of the Vessel. This includes cash held by S.D Standard
Drilling Plc including through its pro-rata ownership of cash in subsidiaries
and investments. Of the cash holding of ~USD 36 million, ~ USD 20 million in
cash is held in SDSD and its subsidiaries, whereof ~USD 16 million is held by
the Company. Further, approximately USD 16 million constitutes the Company’s
pro-rata portion of cash held by companies that SDSD has invested in. In its
financial reporting, the Company only reports the cash holding in SDSD(i.e.
currently USD ~16 million).

No agreements have been entered into that are for the benefit of members of the
management or board of directors of neither the Company nor Wanax AS in
connection with the acquisition of the Vessel. The Vessel has not been subject
to separate financial reporting, nor been held through a single purpose vehicle.

This stock exchange notice is published in accordance with the requirements for
detailed stock exchange announcements pursuant to section 3.4 of the Continuing
Obligations for companies listed on Oslo Børs.

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

http://www.netfonds.no/quotes/release.php?id=20190424.OBI.20190424S103

TekBot · mai 14, 2019, 2:40pm

14/05-2019 16:40:00: (SDSD) SDSD-ANNUAL GENERAL MEETING

TekBot · mai 15, 2019, 5:15am

15/05-2019 07:15:00: (SDSD) SDSD: FIRST QUARTER 2019 FINANCIAL RESULTS

NOTE: THE COMPANY IS AN INVESTMENT ENTITY AND SHALL NOT CONSOLIDATE ITS
SUBSIDIARIES.

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(Limassol, 15 May 2019) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD)
had a positive adjusted EBITDA of USD 0.5 million in the first quarter of 2019
from the underlying operations of Platform Supply Vessels (PSVs) (Q1 2018: USD
0.2 million), with a utilization of 89% on the five fully owned large-sized PSVs
(Q1 2018 93%).

Standard Drilling reported an operating profit of USD 3 million in the first
quarter of 2018 (Q1 2018: USD 0.15 million), following unrealized gain on
revaluation of financial assets of USD 2.9 million. Standard Drilling is an
investment entity and shall not consolidate its subsidiaries. Therefore, the
company measures it’s
investments in PSVs based on fair value estimates from reputable independent
valuers. Revenues and EBITDA from chartering out the vessels are not
consolidated into, nor reflected in the financial statements.

The group had an underlying positive adjusted EBITDA, excluding non-recurring
cost and dry dock, special survey, maintenance and repair, in the first quarter
2019 of USD 0.5 million (Q1 2018 USD 0.2 million). The utilization of the
large-sized PSV’s was 89% in the quarter (Q1 2018 93%). The total cash balance
was USD 26.3 million at the end of first quarter, including pro-rata ownership
of the subsidiaries and investments, up from USD 25.6 million at the end of
2018. The company has no debt.

"We see that the expected upturn in the PSV market is materializing. This upturn
and an attractive fleet of vessels has resulted in solid term contracts for four
of our six large size vessels in the second quarter. The current spot market
indicates that the strong market will continue into the summer season. The
utilization of 99% for the large size vessels in April supports this statement.
After acquiring Standard Olympus at an attractive price level, Standard Drilling
is positioned to take advantage of the strong market with the rest of the fleet
" says Martin Nes, Chairman of the Board of Standard Drilling Plc.

Standard Drilling currently owns 100% 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 company has zero debt, cost effective operations, low
overhead cost and is utilizing the strong PSV market.
                                        ENDS
For additional information, please contact:

General Manager, Evangelia Panagide at +357 99 77 11 16
Chairman of the Board, Martin Nes at +47 92 01 48 14

Standard Drilling/www.standard-drilling.com
S.D. Standard Drilling was founded in 2010. The company currently has 100%
ownership interest in six large-size Platform Supply Vessels (‘PSVs’) and an
indirect ownership interest in nine mid-size PSVs including one vessel on a 1
year bare- boat contract.

http://www.netfonds.no/quotes/release.php?id=20190515.OBI.20190515S22

TekBot · juni 5, 2019, 9:01am

05/06-2019 11:00:43: (SDSD) SDSD- Minutes from Annual General Meeting in S.D. Standard Drilling Plc.

TekBot · august 27, 2019, 5:10am

SDSD: SECOND QUARTER 2019 FINANCIAL RESULTS

NOTE: THE COMPANY IS AN INVESTMENT ENTITY AND SHALL NOT CONSOLIDATE ITS SUBSIDIARIES.

(Limassol, 27 August 2019) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) had a positive adjusted EBITDA of USD 2.7 million in the second quarter of 2019 from the underlying operations of Platform Supply Vessels (PSVs) (Q2 2018: USD 0.2 million), with a utilization of 93% on the six fully owned large-sized PSVs (Q2 2018 95%).
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Standard Drilling reported an operating profit of USD 4.6 million in the second quarter of 2019 (Q2 2018: USD (2.7) million), following unrealized gain on revaluation of financial assets of USD 4.7 million. Standard Drilling is an investment entity and shall not consolidate its subsidiaries. Therefore, the company measures it’s investments in PSVs based on fair value estimates from reputable independent valuers. Revenues and EBITDA from chartering out the vessels are not consolidated into, nor reflected in the financial statements.

The group had an underlying positive adjusted EBITDA, excluding non-recurring cost and dry dock, special survey, maintenance and repair, in the second quarter 2019 of USD 2.7 million (Q2 2018 USD 0.2 million). The utilization of the large-sized PSV’s was 93% in the quarter (Q2 2018 95%). The total cash balance was USD 26.9 million at the end of second quarter, including pro-rata ownership of the subsidiaries and investments, up from USD 26.3 million at the end of first quarter 2019. During the quarter New World Supply Ltd, where Standard Drilling held 34.4% sold the remaining four medium size PSV’s. In addition, Standard Drilling, through its wholly owned subsidiary Wanax AS, acquired the large size PSV Standard Olympus for USD 8.1 million. The company has no debt.

"The underlying operation of the PSV fleet of Standard Drilling delivered the best quarter ever with main contribution from the large size vessels. This is not a statement that the PSV market has returned to historical levels but rather an observation that the rates and activity have increased. We also experience that Standard Drilling owns an attractive fleet. This include the Standard Olympus, which was acquired at an attractive purchase price in early May. Further, the sale of the remaining four vessels in New World Supply Ltd, followed by the distribution of ~USD 15 million to S.D Standard Drilling Plc beginning of the third quarter has strengthened the cash position of the company significantly. " says Martin Nes, Chairman of the Board of Standard Drilling Plc.

Standard Drilling currently owns 100% 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 company has zero debt, cost effective operations, low overhead cost and is utilizing the strong PSV market.

ENDS

For additional information, please contact:
General Manager, Evangelia Panagide at +357 99 77 11 16
Chairman of the Board, Martin Nes at +47 92 01 48 14

Standard Drilling|www.standard-drilling.com
S.D. Standard Drilling was founded in 2010. The company currently has 100% ownership interest in six large-size Platform Supply Vessels (‘PSVs’) and an indirect ownership interest in nine mid-size PSVs including one vessel on a 1 year bare- boat contract.

Kilde

Hennics · august 27, 2019, 7:16am

Hvorfor fortsetter den videre ned etter å ha levert grønne tall?

Anderix · august 27, 2019, 7:49am

tror muligens forventningene var enda større til økt cashbeholdning? Vet ikke

TekBot · september 12, 2019, 6:00am

SDSD- Presents at the Pareto Oil and Offshore Conference

TekBot · oktober 2, 2019, 12:55pm

S.D. Standard Drilling Plc. (the “Company”) has entered into a Memorandum of Agreement (“MOA”) to sell Standard Provider, one (1) large Norwegian built Platform Supply Vessels (“PSV”) through its wholly owned Norwegian subsidiary Standard Provider AS.

Through its wholly owned subsidiary Standard Provider AS, S.D. Standard Drilling Plc, has agreed to sell (“Transaction”) one (1) UT 776 CD PSV vessel Standard Provider ( “Vessel”) for USD 13.5 million. The Vessel is a large PSV, built at STX Brevik, Norway, in 2010, with 1,000m2 deck space. Standard Provider AS has received a 10% deposit of the purchase price. The Transaction is expected to be completed within October 2019.

Following the sale, the Company will control, directly and indirectly, a fleet of 14 PSVs; five (5) large PSVs 100% owned and nine (9) medium-sized PSVs with approximately 26% ownership interest, including one vessel on a bare boat contract. The sale will further strengthen the Company’s cash balance.
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“We are pleased with the sale of the Standard Provider. The transaction will increase our cash balance significantly. As repeatedly communicated, our company will take advantage of the opportunities that may appear within the market we operate. This also includes sale of vessels. Standard Provider was acquired for USD 11.1 million. The profit, excluding fair value adjustments, will be approximately USD 3 million including the result of the operation of the Vessel. By selling Standard Provider we have also reduced forward capital expenditures commitment due to the fact that the Vessel have 10 year survey early next year. ” says Martin Nes, Chairman of the Company.

Following completion of the Transaction, the Company will have a pro forma cash holding of approximately USD 41 million. This includes pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

No agreements have been entered into that are for the benefit of members of the management or board of directors of neither the Company nor Standard Provider AS in connection with the sale of the Vessel.

This stock exchange notice is published in accordance with the requirements for detailed stock exchange announcements pursuant to section 3.4 of the Continuing Obligations for companies listed on Oslo Axess.

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

Kilde

TekBot · oktober 17, 2019, 12:45pm

DISCLOSURE OF LARGE SHAREHOLDINGS S.D. STANDARD DRILLING Plc

TekBot · oktober 30, 2019, 3:45pm

S.D Standard Drillling Plc. (the “Company”) has completed the sale of Standard Provider

Limassol, 30 October 2019

Reference is made to the stock exchange release as of 2 October 2019, where the Company published that it had entered into a Memorandum of Agreement to sell one (1) large Norwegian built Platform Supply Vessel, Standard Provider for USD 13.5 million.
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The transaction was completed today on 30 October 2019. S.D Standard Drilling Plc. has, through its subsidiary, Standard Provider AS, received the transaction amount in full.

Following the sale of Standard Provider, total cash holding of the Company is approximately USD 42.5 million. This includes pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

Following the sale, the Company will control, directly and indirectly, a fleet of 14 PSVs; five (5) large PSVs 100% owned and nine (9) medium-sized PSVs with approximately 26% ownership interest, including one vessel on a bare boat contract.

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

Kilde

TekBot · november 8, 2019, 6:10am

SDSD: THIRD QUARTER 2019 FINANCIAL RESULTS

SDSD: THIRD QUARTER 2019 FINANCIAL RESULTS

NOTE: THE COMPANY IS AN INVESTMENT ENTITY AND SHALL NOT CONSOLIDATE ITS SUBSIDIARIES.
…

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(Limassol, 8 November 2019) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) had a positive adjusted EBITDA of USD 3.3 million in the third quarter of 2019 from the underlying operations of Platform Supply Vessels (PSVs) (Q3 2018: USD 0.2 million), with a utilization of 95% on the six fully owned large-sized PSVs (Q3 2018 85%).

Standard Drilling reported an operating profit of USD 0.6 million in the third quarter of 2019 (Q3 2018: USD (0.2) million), following unrealized gain on revaluation of financial assets of USD 1 million. Standard Drilling is an investment entity and shall not consolidate its subsidiaries. Therefore, the company measures its investments in PSVs based on fair value estimates from reputable independent valuers. Revenues and EBITDA from chartering out the vessels are not consolidated into, nor reflected in the financial statements.

The group had an underlying positive adjusted EBITDA, excluding non-recurring cost and dry dock, special survey, maintenance and repair, in the third quarter 2019 of USD 3.3 million (Q3 2018 USD 0.2 million). The utilization of the large-sized PSV’s was 95% in the quarter (Q3 2018 85%). The total cash balance was USD 28 million at the end of third quarter, including pro-rata ownership of the subsidiaries and investments, up from USD 26.9 million at the end of second quarter 2019.

Standard Drilling has in October completed the sale of the large size PSV Standard Supporter for USD 13.5 million.

"Standard Drilling delivers its best result from the underlying operation of the PSV fleet, with main contribution coming from the large size vessels. We have had a good utilization during the quarter with acceptable rates. Our results in 2019 show that the market for PSV’s are moving in the right direction after several challenging years. The sale of Standard Provider in October contributed to a solid increase of our cash holdings. It further demonstrates that we keep following our strategy, to exploit the market opportunities that may arise, including purchase and sale of vessels. Going into the winter season our main short term focus will be on securing winter coverage ", says Martin Nes, Chairman of the Board of Standard Drilling Plc.

Standard Drilling currently owns 100% of five 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 14 PSVs, including one vessel on a bare-boat contract. The company has zero debt, cost effective operations and low overhead cost.

ENDS
For additional information, please contact:
General Manager, Evangelia Panagide at +357 99 77 11 16
Chairman of the Board, Martin Nes at +47 92 01 48 14

Standard Drilling|www.standard-drilling.com
S.D. Standard Drilling was founded in 2010. The company currently has 100% ownership interest in five large-size Platform Supply Vessels (‘PSVs’) and an indirect ownership interest in nine mid-size PSVs including one vessel on a 1 year bare- boat contract.

Kilde

TekBot · november 8, 2019, 10:20am

SDSD: THIRD QUARTER 2019 FINANCIAL RESULTS. CORRECTION!

TekBot · november 19, 2019, 7:04am

S.D. Standard Drilling Plc. (the “Company”) has entered into a Memorandum of Agreement (“MOA”) to sell Standard Supporter, one (1) large Norwegian built Platform Supply Vessels (“PSV”) through its wholly owned Norwegian subsidiary Standard Supporter AS

Limassol, 19 November 2019

Through its wholly owned subsidiary Standard Supporter AS, S.D. Standard Drilling Plc, has agreed to sell (the “Transaction”) one (1) UT 776 CD PSV vessel, Standard Supporter ( the “Vessel”), for USD 15 million. The Vessel is a large PSV, built at STX Brevik, Norway, in 2009, with 1,000m2 deck space. Standard Supporter AS has received 10% deposit of the purchase price. The Transaction is subject to inspection and expected to be completed within expiring of December 2019.
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Following the sale, the Company will control, directly and indirectly, a fleet of 13 PSVs; four (4) large PSVs 100% owned and nine (9) medium-sized PSVs with approximately 26% ownership interest, including one vessel on a bare boat contract. The sale will further strengthen the Company’s cash balance.

“We are pleased with the sale of the Standard Supporter. The transaction will strengthen our strong balance sheet even further, increasing our cash balance significantly. During 2019 we have purchased one large PSV (Standard Olympus, 2014 built) and sold two large vessels (including Standard Supporter) showing that we continue to follow our strategy. Standard Supporter was acquired in 2017 for USD 11.1 million. The profit, excluding fair value adjustments, will be approximately USD 4 million including the result of the operation of the Vessel. By selling Standard Supporter we have also reduced forward capital expenditures commitment in relation to the Vessel due in 2020. ” says Martin Nes, Chairman of the Company.

Pro forma cash holding of the Company is approximately USD 58 million, as if the Transaction was completed today. This includes pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

No agreements have been entered into that are for the benefit of members of the management or board of directors of neither the Company nor Standard Supporter AS in connection with the sale of the Vessel.

This stock exchange notice is published in accordance with the requirements for detailed stock exchange announcements pursuant to section 3.4 of the Continuing Obligations for companies listed on Oslo Stock Exchange.

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

Kilde