Brief: SDSD Buys 33.3% Ownership In New Built VLCC

SD Standard Etc

21/01/2020 10:24

Jan 21 (Reuters) - SD Standard Drilling PLC  SDSD.OL :
    * ENTERS THE TANKER MARKET - VLCC DELIVERY IN JANUARY
    * BUYS 33.3% OWNERSHIP IN A NEW BUILT VLCC WITH DELIVERY
FROM
YARD, DAEWOO SHIPBUILDING & MARINE ENGINEERING CO IN KOREA,
    * SD STANDARD DRILLING PLC - INVESTMENT IS FINANCED WITH
100%
EQUITY
    * STANDARD DRILLING WILL HAVE A BANK BALANCE OF
APPROXIMATELY USD
22 MILLION AFTER VLCC INVESTMENT, INCLUDING PRO-RATA CASH HELD
BY S.D STANDARD DRILLING PLC, SUBSIDIARIES AND INVESTMENTS.
    * TO INVEST USD 36.5 MILLION, INCLUDING WORKING CAPITAL,
CORRESPONDING TO 33.3 % OWNERSHIP, IN A VLCC TANKER

Source text for Eikon:  ID:nObiC6Bvca 
Further company coverage:  SDSD.OL 

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