SD Standard Drilling's subsidiary Wanax has bought a platform supply vessel (PSV) at auction at a heavily discounted price.
The Oslo-listed company has bought the Olympus (built 2014) for $8.1m, which will be paid in cash, a filing said on Wednesday.
"The vessel is favorably priced at ~$8.1m, representing a discount of ~82% to $44m estimated newbuild price and a discount of ~77% to the 25-year current newbuild parity of a five-year-old vessel with an implied value of ~$35.2m," said Martin Nes, chairman of Cyprus-based SD Standard Drilling (SDSD).
The Norwegian-built vessel is in good condition and its Havyard 832 design will be favourable with charterers, Nes added.
But one industry source said its special survey is due and the vessel could need $2m spending on it.
VesselsValue.com estimates the ship's current market value at $11.29m and lists the PSV's former owner as Global Offshore Services of India.
This is the second time in a month that SDSD's canny asset plays have made the headlines.
Mid-April saw the company's subsidiary New World Supply sell four PSVs at a price it said was higher than its book value for the quartet.
Previous life
Olympus was sold through a court process by the Admiralty Marshal at the Supreme Court of Gibraltar.
The vessel was employed previously in the UK sector and North Sea, but was arrested in Gibraltar during January due to its owner defaulting on loans.
SDSD said the ship will be available for charter once the transaction has been completed in around 10 days' time.
Aberdeen-based Fletcher Shipping will be act as technical and commercial manager for Olympus and the rest of Standard Drilling's fleet, the shipowner said.
Following the acquisition of Olympus, SDSD's wholly owned fleet will consist of six large PSVs.
SDSD has also invested in nine mid-size PSVs, which includes one vessel on a bareboat charter.
