Standard Drilling: No Rigs, No Need for COO

Standard Drilling No Rigs, No Need for COO

Standard Drilling (SDSD) has signed a separation agreement with its COO, Mike Kelley. Kelley will be relieved from his day-today responsibilities with immediate effect but will remain at the Company’s disposal until August 2013.

Standard Drilling CEO, Martin Nes, says : “In light of the recent rig new build sales transactions executed by SDSD Plc. and its subsidiary companies, SDSD will not be operating rigs in the near future. Thus, it is not necessary for SDSD to have a fully built out technical organization in place in Singapore. Since joining the Company in December 2011, Mike Kelley has been instrumental in building up our operations department and in the preparations for SDSD to become a drilling rig operator and I thank him for his contributions to the Company.”

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

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.

Related:

Mexico’s CP Latina Buys Another Jack-Up Rig

Saudi Arabia’s ADC Buys Rig from Standard Drilling

Singapore: Standard Drilling Orders 4 Jackup Rigs Worth USD 772 Million from Keppel FELS

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Offshore Energy Today Staff, March 8, 2013

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