Standard Drilling finds new work for supply vessels

Offshore vessel operator S.D. Standard Drilling has secured more work for its fleet of platform supply vessels. The vessel utilization for the company’s owned large size PSVs totalled 74 per cent in October and November.

The Standard Viking, one of four large platform supply vessels (PSVs) owned by Standard Drilling, has won a one-year firm TC contract with an unnamed “oil major” at levels above opex, the vessel owner said on Friday.

The contract is scheduled to start at the beginning of 1Q 2021. It will secure solid utilization for one year with further 2×1 year options at increased rates.

In mid-December 2020, the Standard Princess started on a nine-month firm TC contract with CNR.

The vessel then has three one-month options at increased rates.

The Standard Supplier is currently on a 45 days firm contract with Equinor, which also has 45 days options.

The Standard Olympus is currently in-house for maintenance.

The commercial terms of the contracts remain private and confidential.

The utilization for the large size PSVs was on average 74 per cent in October and November, excluded Standard Olympus that has been in-house.

Standard Drilling has ownership in 12 PSVs in total. Out of these, four large size PSVs are wholly owned while eight mid-size vessels are partly owned through ~28 per cent ownership in Northern Supply.

Out of these eight vessels, three are working on term contracts in the North Sea, three more are held in house for maintenance, one is in warm lay-up, and another one is also in lay-up.

The utilization for the medium size PSVs in October and November 2020 was on average 100 per cent. This includes the vessels that were working in the market; FS Abergeldie, FS Balmoral and FS Carrick.