Standard Drilling Completes Sale of Jack-Up Rig to CP Latina (Mexico)

Offshore Driller 1 Ltd., a wholly owned subsidiary of SD Standard Drilling Plc., today announced that the company has completed the financial and legal closing of the Sale and Purchase Agreement (SPA) for the sale of its jack-up drilling rig hull no B337 to CP Latina, a company incorporated in Mexico.

A non-refundable first instalment of USD 10 million has already been paid earlier into Offshore Driller 1 Ltd.’s account.

The Board of Directors in Standard Drilling, after the sale, finds the net funding needed for the remaining 3 rigs comfortable. Following the sale of B337, Standard Drilling will have 3 identical MOD B V drilling rigs under construction at Keppel FELS in Singapore, with contractual delivery in November and December 2013 respectively and in May 2014.

[mappress]

World Maritime News Staff, January 15, 2013