SD Standard Drilling is raising cash for its renewables push by selling a large platform supply vessel (PSV) at a profit.
The Oslo-listed, Cyprus-based company, backed by tycoon Oystein Stray Spetalen, said it has agreed to offload the 4,000-dwt Standard Olympus (built 2014) for $7.5m.
The ship was acquired at auction from Global Offshore Services of India in 2019 for $8.1m.
Standard Drilling said it will bank a gain of $1.3m from the deal and the sale will strengthen its cash balance.
Wider focus
The transaction is subject to "certain corporate resolutions" and an unnamed buyer's inspection and acceptance of the vessel.
A final contract should be sealed in August.
The vessel was built at Havyard Ship Technology in Norway and has 800 square metres of deck space.
"The transaction is a result of Standard Drilling’s renewed focus on more diversified investments within the shipping, offshore and renewables segments," said chairman Martin Nes.
"It gives Standard Drilling increased flexibility to pursue other investment opportunities."
The sale leaves the company with a fleet of nine PSVs.
The remaining three large PSVs are 100% owned, and the company has interests in six smaller supply vessels.
Standard Drilling also has a 33.3% stake in the 300,000-dwt VLCC Gustavia S (built 2020), co-owned by Idan Ofer and George Economou.
The shipowner said in its first-quarter report that it had cash on hand of $32.7m and could pursue other investments in shipping and offshore, including renewables.
