Standard Drilling (SDSD)

TekBot desember 10, 2019, 11:17am #43

S.D Standard Drilling Plc. (the “Company”) has today completed the sale of Standard Supporter

Limassol, 10 December 2019

Reference is made to the stock exchange release as of 19 November 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 Supporter for USD 15 million.
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The transaction was completed today on 10 December 2019. S.D Standard Drilling Plc. has, through its subsidiary, Standard Supporter AS, received the transaction amount in full.

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.

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 februar 28, 2020, 9:58pm #48

MANDATORY NOTIFICATION OF TRADE – MARTIN NES

TekBot februar 28, 2020, 9:58pm #49

DISCLOSURE OF LARGE SHAREHOLDINGS S.D. STANDARD DRILLING Plc

TekBot mars 10, 2020, 3:52pm #50

MANDATORY NOTIFICATION OF TRADE – ESPEN LUNDAAS

TekBot mars 10, 2020, 3:52pm #51

MANDATORY NOTIFICATION OF TRADE – MARTIN NES

TekBot mars 18, 2020, 2:52pm #52

MANDATORY NOTIFICATION OF TRADE – ESPEN LUNDAAS

TekBot mars 18, 2020, 2:54pm #53

MANDATORY NOTIFICATION OF TRADE – MARTIN NES

TekBot juni 3, 2020, 9:24am #54

SDSD- Minutes from Annual General Meeting in S.D. Standard Drilling Plc.

TekBot juni 18, 2020, 6:44am #55

SDSD: SECURED BANK FINANCING OF THE VLCC “GUSTAVIA S”

(Limassol, 18 June 2020) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) today announces that the ship owning company (“JV”) of the VLCC ”Gustavia S” and where SDSD has a 33.3% ownership, has secured financing of up to USD 60 million.

Reference is made to the stock exchange release as of 21 January 2020.
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The JV has secured a Senior Secured Loan Facility (“Credit Facility”) of up to USD 60 million (“Credit Facility Amount”). The Credit Facility will carry an interest margin of 210 bps above LIBOR and have a 17 year repayment profile.

The Credit Facility Amount, less any amount withheld by the JV, is expected to be distributed equally to the owners of the JV within June or July 2020.

The VLCC is a 300 000 TDW ECO Design Crude Oil Tanker built by Daewoo Shipbuilding & Marine Engineering Co and fitted with scrubber technology delivered by Wärtsila.

“By securing the credit facility Standard Drilling Plc is expected to increase its cash holding substantially. By reducing the risk in this project and increasing our cash holding significantly, we have more flexibility going forward “ says Martin Nes, chairman of Standard Drilling.

In addition to the investment described above, Standard Drilling 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, including one (1) vessel on a bare boat contract.

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

Kilde

TekBot juli 31, 2020, 6:16am #56

SDSD: DISTRIBUTION OF CASH FROM THE JOINT VENTURE OWNING THE VLCC “GUSTAVIA S”

(Limassol, 31 July 2020) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) today announces that the ship owning company (“JV”) of the VLCC ”Gustavia S” and where SDSD has a 33.3% ownership, has distributed in total USD 59 million to its owners.

Reference is made to the stock exchange release as of 18 June 2020.
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After the JV secured a Senior Secured Loan Facility (“Credit Facility”) of up to USD 60 million (“Credit Facility Amount”), the JV has distributed in total USD 59 million to its owners. Hence Standard Drilling Plc has received 1/3 of the distribution, corresponding to USD 19.67 million. The paid up investment in the JV before the distribution was USD 36.74 million.

After the distribution of USD 19.67 million to each of the owners of the JV, Standard Drilling Plc has a cash holding of approximately USD 37.5 million, including pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

In addition to the investment described above, Standard Drilling controls, directly and indirectly, a fleet of 13 PSVs; four (4) large PSVs 100% owned and nine (9) medium sized PSVs with approximately 26 % ownership, including one (1) vessel on a bare boat contract.

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

Kilde

TekBot juli 31, 2020, 6:16am #57

SDSD: DISTRIBUTION OF CASH FROM THE JOINT VENTURE OWNING THE VLCC “GUSTAVIA S”

(Limassol, 31 July 2020) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) today announces that the ship owning company (“JV”) of the VLCC ”Gustavia S” and where SDSD has a 33.3% ownership, has distributed in total USD 59 million to its owners.

Reference is made to the stock exchange release as of 18 June 2020.
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After the JV secured a Senior Secured Loan Facility (“Credit Facility”) of up to USD 60 million (“Credit Facility Amount”), the JV has distributed in total USD 59 million to its owners. Hence Standard Drilling Plc has received 1/3 of the distribution, corresponding to USD 19.67 million. The paid up investment in the JV before the distribution was USD 36.74 million.

After the distribution of USD 19.67 million to each of the owners of the JV, Standard Drilling Plc has a cash holding of approximately USD 37.5 million, including pro-rata cash held by S.D Standard Drilling Plc, subsidiaries and investments.

In addition to the investment described above, Standard Drilling controls, directly and indirectly, a fleet of 13 PSVs; four (4) large PSVs 100% owned and nine (9) medium sized PSVs with approximately 26 % ownership, including one (1) vessel on a bare boat contract.

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

Kilde

TekBot august 25, 2020, 5:18am #58

SDSD: SECOND QUARTER 2020 FINANCIAL RESULTS

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

(Limassol, 25 August 2020) S.D. Standard Drilling Plc (Standard Drilling, OSE:SDSD) had a negative adjusted EBITDA of USD 1.5 million in the second quarter of 2020 from the underlying operations of Platform Supply Vessels (PSVs) (Q2 2019: USD 2.7 million positive), with an utilization of 61% on fully owned large-sized PSVs (Q2 2019 93%). The reported equity per share is NOK 1.75.
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Standard Drilling reported an operating loss of USD 3.6 million in the second quarter of 2020 (Q2 2019: Profit USD 4.6 million positive), following unrealized loss on revaluation of financial assets representing investment held in the PSV and VLCC markets of USD 7.3 million and realized gain in form of dividend from investment of USD 3.4 million, constituting net loss from investments of USD 3.9 million. Standard Drilling is an investment entity and shall not consolidate its subsidiaries. Therefore, the company measures its investments in PSVs and VLCC 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.

From operation of the PSVs the group had an underlying negative adjusted EBITDA* in the second quarter 2020 of USD 1.5 million (Q2 2019 USD 2.7 million positive). The utilization of the large-sized PSV’s was 61% in the quarter (Q2 2019 93%).

“The operating result from the PSV fleet in the second quarter was disappointing, as expected in the market conditions we have observed. Covid 19 and the turmoil in the oil market are having substantial impact on the PSV market. It is difficult to state when this will change but we are confident that markets will have to improve. Until then, with our strong balance sheet with no debt and a good cash position, we will continue to focus on cash preservation ", says Martin Nes, Chairman of the Board of Standard Drilling Plc.

The total cash balance was USD 37.4 million at the end of second quarter, including pro-rata ownership of the subsidiaries and investments, up from USD 18.8 million at the end of first quarter 2019. The main reasons for the cash increase during the second quarter are related to the credit facility secured by the JV owning the VLSS “Gustavia S” and subsequent distribution to its owners, as well as a dividend distribution from subsidiary Wanax AS.

The VLCC Gustavia S, of which SDSD acquired 33,3% share in the first quarter, completed its maiden voyage in June, and embarked on it second voyage to be completed end of August.

In addition to the ownership of the VLCC vessel Gustavia S, Standard Drilling currently owns 100% of four large-size modern PSVs. Further, the company has invested in 9 mid-size PSVs, bringing the total fleet of partly and fully owned vessels to 13 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

Excluding non-recurring cost and dry dock, special survey, maintenance and repair

Standard Drilling|www.standard-drilling.com
S.D. Standard Drilling was founded in 2010. In addition to a 33.3% ownership of a VLCC, the company currently has 100% ownership interest in four 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 oktober 19, 2020, 3:24pm #59

SDSD - Contemplated secondary

Oslo, 19 October 2020. Fearnley Securities, (“Fearnleys” or the “Manager”) have been engaged by Saga Tankers ASA (“Saga Tankers” or the “Seller”) for a contemplated sale of up to 105,846,245 existing shares in S.D. Standard Drilling Plc (“SDSD” or the “Company”), representing around 18.4 percent of the issued share capital and voting rights in the Company (the “Transaction”).

The Transaction will be structured as an accelerated book-building process towards the 30 largest shareholders of Saga Tankers, representing 92.3% of the shareholders in Saga Tankers. The book-building process will commence following the publication of this announcement and may be closed at short notice at the sole discretion of the Seller and the Manager. An announcement will be made following completion of the book-building to announce, inter alia, the number of shares sold and the minimum price per share. The minimum order and allocation has been set to the NOK equivalent of EUR 100,000. The Seller may, however, allocate amounts below EUR 100,000 to the extent exemptions from the prospectus requirement in accordance with applicable regulations, including the Norwegian Securities Trading Act and ancillary regulations, are available.
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The Seller reserves the right, at its sole discretion, to reduce the number of offer shares or to sell no shares at all.

Saga Tankers is represented on the Board of Directors in SDSD and currently holds 105,846,245 shares in the Company, representing 18.4% of the share capital. If all shares are sold, Saga Tankers will no longer hold any shares in the Company.

Important Notice
The distribution of this announcement and the offer and sale of the shares in certain jurisdictions may be restricted by law. The shares may not be offered to the public in any jurisdiction in circumstances which would require the preparation or registration of any prospectus or offering document relating to the shares in such jurisdiction. No action has been taken by the Manager nor any of its affiliates that would permit an offering of the shares or possession or distribution of this announcement or any other offering or publicity material relating to such securities in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This press release is for information purposes only and does not constitute or form a part of an offer to sell or a solicitation of an offer to purchase any security of the Company in the United States or in any other jurisdiction where such offer or solicitation is unlawful. The securities of the Company described in this press release have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any applicable state or foreign securities laws and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

Kilde

TekBot oktober 19, 2020, 9:43pm #60

SDSD – Completed secondary placing

TekBot oktober 19, 2020, 9:45pm #61

DISCLORURE OF LARGE SHAREHOLDING AND MANDATORY NOTIFICATION OF TRADE – SAGA TANKERS ASA

Reference is made to the announcement issued earlier today, 19 October 2020, regarding a contemplated sale by Saga Tankers ASA (“Saga Tankers”) of shares in S.D. Standard Drilling Plc (the “Company”).

Saga, who is represented on the Board of Directors of S.D Standard Drilling Plc (“Company”), has on 19 October 2020 sold all of its holding in the Company, corresponding to 105,846,245 shares and representing 18.4% of the Company, in a secondary placing directed towards the 30 largest shareholders of Saga Tankers. The shares were sold at a price per share of NOK 0.65,-.
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After the transaction Saga Tankers ASA will have no holding of shares in the Company.

This information is subject of the disclosure requirements acc. to §§ 4-2, 4-3 and 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot oktober 19, 2020, 9:47pm #62

DISCLORURE OF LARGE SHAREHOLDING SDSD– ØYSTEIN STRAY SPETALEN

Reference is made to the announcement issued earlier today, 19 October 2020, regarding a contemplated sale by Saga Tankers ASA (“Saga Tankers”) of shares in S.D. Standard Drilling Plc (the “Company”).

Saga Tankers ASA, a company controlled by Øystein Stray Spetalen, has on 19 October sold all of its holding in the Company in a private placement towards its major shareholders, corresponding to 105,846,245 shares and representing 18.4% of the Company at NOK 0.65,- per share.
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In the same transaction, Tycoon Industrier AS, a company controlled by Øystein Stray Spetalen through Ferncliff TIH AS and Ferncliff Holding AS, has purchased 90,217,879 shares in the Company at NOK 0.65 per share.

After the transactions, Øystein Stray Spetalen and associated companies have a total holding of 129,128,174 shares and votes in the Company, corresponding to 22.42% of the outstanding shares.

This information is subject of the disclosure requirements acc. to §§ 4-3 and 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot oktober 19, 2020, 9:49pm #63

MANDATORY NOTIFICATION OF TRADE – MARTIN NES

TekBot oktober 19, 2020, 9:51pm #64

MANDATORY NOTIFICATION OF TRADE – ESPEN LUNDAAS

TekBot oktober 20, 2020, 7:03am #65

Disclosure of shareholdings

TekBot november 6, 2020, 6:16am #66

SDSD: THIRD QUARTER 2020 FINANCIAL RESULTS

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

(Limassol, 6 November 2020) S.D. Standard Drilling Plc (Standard Drilling, OSE: SDSD) had a negative adjusted EBITDA of USD 0.9 million in the third quarter of 2020 from the underlying operations of Platform Supply Vessels (PSVs) (Q3 2019: USD 3.3 million positive), with a utilization of 66 % on fully owned large-sized PSVs (Q3 2019 95%). The reported equity per share is NOK 1.60.
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Standard Drilling reported an operating loss of USD 6.1 million in the third quarter 2020 (Q3 2019: Profit USD of 0.6 million), following unrealized loss on revaluation of financial assets representing investments held in the PSV and VLCC markets of USD 6.2 million. Standard Drilling is an investment entity and shall not consolidate its subsidiaries. Therefore, the company measures its investments in PSVs and VLCC 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.

From operation of the PSVs the group had an underlying negative adjusted EBITDA in the third quarter 2020 of USD 0.9 million (Q3 2019 USD 3.3 million positive). The utilization of the large-sized PSV’s was 66% in the quarter (Q3 2019 95%).

“The operating result from the PSV fleet in the third quarter was disappointing but better than the second quarter. The Covid 19 still has a material impact on the level of activity. We believe the activity will pick up when the Covid 19 situation is more under control, travel restrictions will ease and the maintenance programs in the North Sea will go back to normal. Until then, as repeatedly stated, with our strong balance sheet with no debt and a good cash position, we will continue to focus on cash preservation and shareholder value", says Martin Nes, Chairman of the Board of Standard Drilling Plc.

The total cash balance was USD 38.6 million at the end of third quarter, including pro-rata ownership of the subsidiaries and investments, up from USD 37.4 million at the end of second quarter 2020. The main reason for the cash increase during the third quarter is related to the operation of the JV owning the VLCC “Gustavia S”.

The VLCC Gustavia S, of which SDSD owns 33,3%, completed its maiden voyage in June, its second voyage was completed end of August and it will complete its third voyage mid of November 2020.

In addition to the part-ownership of the VLCC vessel Gustavia S, Standard Drilling currently owns 100% of four large-size modern PSVs. Further, the company has invested in 8 mid-size PSVs through Northern Supply AS, bringing the total fleet of partly and fully owned PSVs to 12. The company increased its ownership in Northern Supply AS from 25.5% to 28.1% in the fourth quarter. 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. In addition to a 33.3% ownership of a VLCC, the company currently has 100% ownership interest in four large-size Platform Supply Vessels (‘PSVs’) and an indirect ownership interest in eight mid-size PSVs.

Excluding non-recurring cost and dry dock, special survey, maintenance and repair

Kilde