Standard Drilling (SDSD)

TekBot · oktober 20, 2020, 7:03am

Disclosure of shareholdings

TekBot · november 6, 2020, 6:16am

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

TekBot · november 17, 2020, 3:43pm

REPURCHASE OF SHARES

S.D. Standard Drilling plc (the “Company”) hereby launches an offer to all shareholders in the Company to buy back up to 30,000,000 shares. The Company currently owns zero own shares. The Company is at the date of the offer not in possession of any inside information.

The repurchase of shares will be carried out in accordance with the authorization for the company to acquire up to 10% of outstanding shares given by the annual general meeting of the Company on 3 June 2020, which is valid for twelve months thereafter.
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The Company has mandated DNB Markets as financial advisor and receiving agent for the repurchase of shares.

The shares that are repurchased will be proposed deleted by the general meeting of the company through a capital reduction.

The offer will be carried out towards shareholders as of 17 November 2020 (as registered in the VPS as of 19 November 2020) by means of a reverse book building process with an offer price of NOK 0.90 per share, which is a premium of 14.2 per cent compared to the close price of 17 November 2020 and a premium of 16.9 per cent compared to the VWAP for the last five trading days. The Company is of the opinion that the premium is warranted by the relatively large size of shares in the offering and the overall low liquidity in the Company’s shares. The Company reserves the right to increase the size of the offering in excess of 30,000,000 shares if there is sufficient demand in the market.

The book building starts on 18 November 2020 at 09:00 CET and ends on 20 November 2020 at 16:30 CET. Shareholders wanting to sell shares can contact DNB Markets at +47 23 26 80 20. Acceptance forms will be available at www.dnb.no/emisjoner from on or about 18 November 2020.

If the Company receives acceptances for more than 30,000,000 shares, the Company will allocate shares with the equal treatment of the shareholders as of 17 November 2020 (as registered in the VPS as of 19 November 2020) as the primary objective. The resulting number of shares repurchased from each selling shareholder after such a reduction might be rounded up or down to the nearest whole share. Allocation will follow before 23 November 2020 at 12:00 CET, the trade date will be 23 November 2020 and with settlement date on or about 25 November 2020. The Company reserves its right to cancel the offer in the period until the notice of allocation has been sent. Such cancellation would be notified by a stock exchange notice.

This offer is only made to shareholders who are permitted by applicable laws and regulations to receive and accept the offer. This offer shall not be deemed as an offer in any jurisdiction where the making of such an offer is not permitted to be made or accepted or where such an offer requires certain conditions, registrations and/or approvals pursuant to local laws and regulations. All shareholders are required to make their own assessment of whether the offer may be accepted and must make their own assessment of whether the offer should be accepted, including assessments relating to potential tax consequences when selling the shares. The Company and DNB Markets do not assume any responsibility in the event there is a violation by any person of such restrictions.

For more 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
The information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 20, 2020, 7:59am

ACCEPTANCE PERIOD FOR REPURCHASE OF SHARES WILL END TODAY AT 16:30

Reference is made to the notice issued on 17 November 2020, where S.D. Standard Drilling plc (the “Company”) launched an offer to all shareholders in the Company as of 17 November 2020 (as registered in the VPS as of 19 November 2020) to buy back up to 30,000,000 shares, through a reverse book building process with an offer price of NOK 0.90 per share.

The offer period will end on 20 November 2020 at 16:30 CET.
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The Company has mandated DNB Markets as financial adviser and receiving agent, and shareholders wanting to sell shares can contact DNB Markets at +47 23 26 80 20. Acceptance forms is available at www.dnb.no/emisjoner.

For further 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

The information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · november 20, 2020, 4:01pm

FINAL RESULTS FROM THE OFFER TO REPURCHASE OWN SHARES – DISCLOSURE OF LARGE SHAREHOLDING AND PRIMARY INSIDER TRANSACTION

Reference is made to the stock exchange notice from S.D. Standard Drilling plc (the “Company”) on 17 November 2020 regarding the offer to repurchase own shares (the “Offer”). The Company hereby announces that they have received valid acceptances for 43,318,143 shares at a price of NOK 0.90 per share, and has resolved to repurchase 43,318,143 shares at a price of NOK 0.90 per share.

The Company has decided that all shareholders will be allocated in full with basis in the number of shares held by the shareholder as of 17 November 2020 (as registered in the VPS on 19 November 2020). This implies an increase of the size of the Offer from 30,000,000 to 43,318,143 shares.
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Allocation will be available in the VPS from 12:00 CET on 23 November 2020. Trade date is 23 November 2020 with settlement date on 25 November 2020.

Following allocation and settlement of the Offer, the Company will own 43,318,143 own shares, corresponding to 7.52 % of the total shares outstanding. The Company may not vote for the own shares held by the Company.

DNB Markets is acting as financial advisor and receiving agent for the repurchase of shares.

For more 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

The information is subject to the disclosure requirements pursuant to sections 4-2, 4-3 and 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · desember 8, 2020, 7:30am

SDSD – Share buy-back program

S.D Standard Drilling Plc (the “Company”) has authorized a share buy-back program to purchase up to an aggregate of 14,284,499 shares of the Company’s common shares for the purpose of increasing shareholder value.

If the amount of shares is purchased in full, the Company will hold a total of 57,602,642 shares, corresponding to 10% of the outstanding shares in the Company. Reference is made to the stock exchange release as of 20 November 2020.
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The minimum and maximum amount to be paid per share is further described in the minutes from the Annual General Meeting held 3 June 2020. The timing and amount of any repurchases will depend on legal requirements, market conditions, stock price, alternative uses of capital and other factors.

The Company is not obligated under the terms of the program to repurchase any of its common shares. The buy-back program will be initiated today and ends at the latest 3 June, 2021.

The shares that may be purchased will be proposed deleted by the general meeting of the company through a capital reduction.

For further 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

The information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Kilde

TekBot · desember 16, 2020, 7:44pm

Financial calendar

TekBot · desember 16, 2020, 7:54pm

MANDATORY NOTIFICATION OF TRADE

TekBot · desember 16, 2020, 8:00pm

Correction! MANDATORY NOTIFICATION OF TRADE

TekBot · desember 17, 2020, 3:42pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · desember 18, 2020, 2:16pm

S.D. Standard Drilling Plc (“SDSD”) – Fleet update

Standard Viking, 1 (one) of 4 (four) large platform supply vessels (“PSVs”) owned by SDSD, will in beginning of Q1 2021 commence on a one (1) year firm TC contract with a reputable Oil Major at levels above opex. The contract will secure solid utilization for one year with a further 2x1 year options at increased rates.

Standard Princess: mid of December 2020 commenced on a 9 (nine) month firm TC contract with CNR, then 3x1 month options at increased rates.
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Standard Supplier: currently on a 45 days firm + 45 days options contract with Equinor.

Standard Olympus: currently in-house for maintenance.

The commercial terms of the contracts remains private and confidential.

The utilization for the large size PSVs was on average 74% in October and November, excluded Standard Olympus that has been in-house.

SDSD has ownership in 12 PSVs in total. Out of these, 4 large size PSVs are wholly owned. 8 mid-size vessels are partly owned through ~28% ownership in Northern Supply AS and out of these 8 vessels;

3 are working on term contracts in the North Sea

3 are held in house for maintenance

1 are in warm lay up

1 are in lay-up

The utilization for the medium size PSVs in October and November 2020 was on average 100%. This includes the vessels that was working in the market; FS Abergeldie, FS Balmoral and FS Carrick.

The VLCC Gustavia S: recently commenced on her fourth voyage and will be available in the market end of January 2021.

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

Kilde

TekBot · desember 18, 2020, 3:46pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · desember 21, 2020, 4:02pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · desember 22, 2020, 6:50pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · desember 29, 2020, 4:07pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · januar 4, 2021, 3:32pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · januar 11, 2021, 11:01am

SDSD- Minutes from Extraordinary General Meeting

TekBot · januar 11, 2021, 3:57pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · januar 12, 2021, 3:58pm

MANDATORY NOTIFICATION OF TRADE – SHARE BUY-BACK

TekBot · januar 13, 2021, 4:07pm