CORRECTION S.D. STANDARD DRILLING PLC.: FINAL RESULT OF THE SUBSEQUENT OFFERING

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CORRECTION S.D. STANDARD DRILLING PLC.: FINAL RESULT OF THE SUBSEQUENT OFFERING

Limassol, January 23, 2017

Reference is made to the announcement on January 23, 2017 by S.D. Standard Drilling Plc. (the "Company") relating to the result of the subsequent offering (the "Subsequent Offering")

The subscription period for the Subsequent Offering ended on 20 January 2017 at 16.30 hours (CET). The correct number of received subscriptions is 5,514,718 new shares at the price of NOK 0.65. The Subsequent Offering thus raised gross proceeds of approx. NOK 3.58 million.

Letters of allocation will be distributed to investors today, which will give notification of allocated new shares and the corresponding amount to be paid by each subscriber. Payment for the allocated Offer Shares falls due on 25 January 2017. The new shares to be issued through the Subsequent Offering will be registered on the Company's ISIN CY0101550917 with the VPS and be traded on Oslo Axess under the Company's trading symbol "SDSD". This is expected to occur on or about 30 January 2017. Following the issuance of the new shares from the Subsequent Offering the new share capital of the Company will be increased to USD 8,017,028.42 divided into 801,702,842 shares with a par value of USD 0.01 each. Clarksons Platou Securities AS acted as manager for the Subsequent Offering. For further information please contact: General Manager Evangelia Panagide at [phone], or Chairman of the Board Martin Nes at [phone] *** This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.