S.D. Standard Drilling Plc (SDSD) has entered into an agreement to acquire 2,673,749 shares in New World Supply Ltd. (NWS), corresponding to approximately 8.23% of the total outstanding shares in NWS. Prior to the Transaction, the Company had a 26.2% ownership of NWS. As such, following the Transaction, the Company will hold approximately 34.4% of the total outstanding shares in NWS.
As consideration for the 2,673,749 shares in NSW, SDSD will pay USD 1.830,866 to the sellers. The Transaction will be completed within a few days.
NWS is a Cayman Island exempted company that, through its wholly owned subsidiaries, owns four (4) 2013 built 3300 CD Platform Supply Vessels (PSV) ; World Diamond, World Peridot, World Pearl and World Opal. SDSD will through the Transaction strengthen its ownership in a fleet of mid-size PSV's acquired at
favourable prices.
Source: Standard Drilling