Norwegian Billionaire Increases Stake in SD Standard Drilling Plc

February 24, 2013

Nordic Construction Barges I AS, a company controlled by a Norwegian billionaire Øystein Stray Spetalen, has on 22 February purchased 209 128 shares in SD Standard Drilling Plc at NOK 8.70,- per share.

After the transaction, Spetalen, the owner of Ferncliff investment group, and associated companies have a holding of 32 183 972 shares in SD Standard Drilling Plc, corresponding to 12.3%.

Standard Drilling is a young Cyprus-based drilling contractor incorporated in 2010 based on the business idea of the three Norwegian investors Øystein Stray Spetalen, Glen Ole Rødland and Gunnar Hvammen.

Spetalen, 50, who was previously employed as chairman of SD Standard Drilling now acts as a non-executive director of the company.

The company in January this year sold an under-construction KFELS B Class jack-up rig to the Mexico-based CP latina for a total consideration of USD 222.5 million.

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Offshore Energy Today Staff, February 24, 2013