CORR! SDSD: CLOSE OF TRANCHE 2 OF THE EQUITY OFFERING

CORR! SDSD: CLOSE OF TRANCHE 2 OF THE EQUITY OFFERING

06.11.2017 08:42

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 SDSD: CLOSE OF TRANCHE 2 OF THE EQUITY OFFERING Limassol, Cyprus, 6 November 2017 Reference is made to the announcement made on 31 October 2017 for the contemplated Equity Offering in S.D. Standard Drilling Plc. ('SDSD' or the 'Company'). The Company is pleased to announce that Tranche 2 of the Equity Offering is closed. The Company will issue a total of 7,239,687 new shares to a price of NOK 1.31 per share (the 'Offer Shares') corresponding to gross proceeds of approximately NOK 9.5 million. The Equity Offering is fully guaranteed by six significant shareholders, being Saga Tankers ASA (incl. Strata Marine & Offshore AS), QVT Financial L.P., Apollo Asset Management Limited, Camaca AS/HRF Marine LLC, funds under Holberg Fondene and Gunnar Hvammen (controlling shareholders of Thabo Energy and Solan Capital), together controlling approximately 45% of the shares in the Company (prior to issuance of Tranche 1). These six significant shareholders are allocated a total of 3,143,223 shares (corrected) in Tranche 2 of the Equity Offering under their guarantee commitment. The net proceeds from the Equity Offering shall be used to purchase two (2) large-size Platform Supply Vessels (PSVs) and any remaining proceeds shall be funded as cash to the balance sheet and be applied for general corporate purposes. Subscribers in Tranche 2 of the Equity Offering will be notified of their allocation tomorrow, 7 November 2017. The payment date for the Offer Shares has been set to 9 November 2017 and the delivery of the Offer Shares is expected to take place on or about 13 November 2017. The Offer Shares in the Equity Offering (both Tranche 1 and Tranche 2) will be listed on Merkur Market under a separate ISIN number being CY0107450914 for the period between issuance of the Offer Shares in Tranche 2 and the approval and publication of the prospectus by the Norwegian Financial Supervisory Authority, expected mid-December 2017. Clarksons Platou Securities AS has acted as Sole Manager and Bookrunner in the Equity 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.