S.D STANDARD DRILLING was founded in 2010 and trades on Oslo axess under the ticker SDSD. Having sold all seven Building Contracts for jack-up rigs, the company is seeking new investment opportunities within offshore and oil service related segments.
On 23 November, 2010, a KFELS MOD V B- Class was ordered at Keppel FELS by one of the founding investors of S.D. Standard Drilling.
In December, 2010, US$42 million private placement was completed and proceeds were used to fund the first instalment payment on rig called B319.
On 2 December, 2010, the Company was incorporated as a private limited liability company under the laws of Cyprus and named S.D. Standard Drilling Limited.
On 23 December, 2010, the limited liability company was converted into a public limited liability company and renamed S.D. Standard Drilling Plc.
Norwegian investors Øystein Stray Spetalen, Gunnar Hvammen and Glen Ole Rodland are the founding members of S.D. Standard Drilling.
On 25 March, 2011, S.D. Standard Drilling begins trading on the Oslo Axess under the ticker SDSD.
On 14 April, 2011, US$330 million private placement was completed and proceeds were used to fund the subsequent purchase of six rigs.
In May 2011 two rigs (B324 and B325) purchased from Clearwater Capital Partners Fund III, L.P. and orders for four rigs KFELS MOD V B-Class (B337, B338, B339 and B340) were placed with Keppel FELS Shipyard.
Between 2011 and 2013, taking into account the existing and forecast business environment and as a result of opportunities that became concurrently available in the market, the Board of Directors has decided to sell all seven new-built contracts with a significant gain relative to the contracted cost associated with the new build contracts.
S.D. Standard Drilling has a strong cash position to take advantage of opportunities in the Oilfield business.