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Provider: Reuters Investment Profile
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Provider: Auerbach Grayson & Co., Inc.
$50.00

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SD Standard Drilling Plc to Sell B340 Rig Under Construction to UMW Oil & Gas' Company; Declares Interim Cash Dividend


Thursday, 23 May 2013 04:43am EDT 

SD Standard Drilling Plc announced that the Company has entered into a final SPA for the sale of one rig (B340) under construction for a total consideration of USD 223 million. The buyer is UMW Rig Asset (L) Ltd, a wholly owned subsidiary of UMW Oil & Gas Group of Companies incorporated in Malaysia. Final closing of the transaction is expected to take place on June 10, 2013. The sale of the rig will give an estimated net profit of USD 29 million. After the sale and the USD 0.26 per share dividend distribution that the Company declared on May 21 are completed, the book equity of Standard Drilling will be approximately USD 72 million or USD 0.27 per share (NOK 1.57 per share). The announced interim cash dividend of USD 0.26 per share is estimated to be distributed on June 4, 2013. The shares will be traded ex-dividend as from and including May 24, 2013. 

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19 Aug 2014