Norwegian PSV owner SD Standard Drilling has reduced its third quarter loss ahead of an expected recovery for the sector.

The operating deficit was $0.2m, against a loss of $5.8m in 2017.

Standard Drilling owns 100% of five large modern PSVs, plus shares in 13 medium-sized PSVs.

Revenue and EBITDA from chartering out the vessels are not consolidated into or reflected in the financial statements.