Correction! S.D. STANDARD DRILLING PLC.: SUBSEQUENT OFFERING - START OF SUBSCRIPTION PERIOD

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR TO U.S. NEWS WIRE SERVICES OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL S.D. STANDARD DRILLING PLC.: SUBSEQUENT OFFERING - START OF SUBSCRIPTION PERIOD Limassol, 16 January 2017

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Reference is made to previous announcements by S.D. Standard Drilling Plc. (the "Company" or "Standard Drilling") relating to the subsequent offering (the "Subsequent Offering") of up to 9,500,000 new shares (the "Offer Shares") for gross proceeds of up to NOK 6,175,000. For further information, including the complete terms and conditions of the Subsequent Offering, please refer to the invitation letter from the Company dated 13 January 2017 (the "Invitation Letter"). The Invitation Letter is available at http://securities.clarksons.com and at the offices of Standard Drilling and Clarksons Platou Securities AS.

The Invitation Letter has also been sent per ordinary mail to the Eligible Shareholders (as defined below). The subscription period for the Subsequent Offering will commence on 16 January 2017 and expire at 16:30 p.m. CET on Friday 20 January 2017 (the "Subscription Period").

The subscription price in the Subsequent Offering is NOK 0.65 per Offer Share. The Company will issue subscription rights (the "Subscription Rights") to eligible shareholders, being the Company's shareholders as of close of trading on 8 December 2016, as registered in the VPS on 12 December 2016 (the "Record Date"), who are not resident in a jurisdiction where such offering would be unlawful, or would (in jurisdictions other than Norway) require any filing, registration or similar action and who were not allocated shares in the Private Placement (the "Eligible Shareholders"). The Company will look solely to registered holdings in the VPS as of expiry of the Record Date and not possible underlying beneficial ownerships. For each share recorded as held in the Company as of expiry of the Record Date, each Eligible Shareholder will be entitled to allocation of 1.61479 Subscription Right(s), rounded down to the nearest whole Subscription Right. Each Subscription Right will, subject to applicable securities laws, give the right to subscribe for and be allocated one Offer Share. The Subscription Rights will be registered in the VPS with ISIN number CY0127050918. Over-subscription and subscription without Subscription Rights is not allowed. The final size, allocation and issuance of the Offer Shares will be subject to formal approval by the Board following expiry of the Subscription Period. The Subscription Rights will not be tradable. Upon expiry of the Subscription Period, the Subscription Rights will expire and have no value. If an Eligible Shareholder holds Shares registered through a financial intermediary as of expiry of the Record Date, the financial intermediary will customarily give the Eligible Shareholder details of the Subscription Rights to which it will be entitled. The relevant financial intermediary will customarily supply each Eligible Shareholder with this information in accordance with its usual customer relations procedures. Eligible Shareholders holding their interests through a financial intermediary should contact the financial intermediary in order to receive information with respect to the Subsequent Offering. Note that the deadline for doing so might be earlier than 16:30 p.m. CET on 20 January 2017. The Offer Shares will be listed on Oslo Axess, with ticker SDSD as soon as the share capital increase pertaining to the Subsequent Offering has been registered with the Companies Registrar on Cyprus and the Offer Shares have been registered in the VPS under ISIN CY 0101550917, which the Company expects will take place on or about 31 January 2017. Clarksons Platou Securities AS is acting 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]

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