SD Standard Drilling venture New World Supply taken advantage of rising offshore asset values to cash in its four platform supply vessels (PSVs).

The company, which is 34.4% owned by Oslo-listed SD Standard Drilling, has sold the 3,300-dwt World Diamond; World Peridot, World Pearl and World Opal (all built 2013).

SDSD did not disclose the sale price for the vessels, but said the consideration was higher than its book value for the quartet, which have been laid up in Norway since October and November 2016.

The buyer was not disclosed, but was described by Standard Drilling as “a well-known and reputable counterparty”.

"This transaction is in line with our expectations of an increase of the value of our fleet, said Martin Nes, chairman of SD Standard Drilling.

"The sale of vessels is done at higher levels compared to the two vessels sold in October 2018." estimates the four ships’ combined market value at $32.24m, equivalent to $8.1m each on average.

Two sister ships sold in 2018 went for a reported price of $7m apiece.

“Further, this transaction is evidence of the fact that the company’s purchase price of shares in New World Supply were done at highly attractive levels," Nes added.

The Oystein Stray Spetalen vehicle bought 2.5m shares in New World Supply in early 2017 from Royal London Asset Management, for which it issued 35m new shares worth $3.09m.

SD Standard DrillingN paid $5.1m for its original stake in New World Supply and owns $19.746m of WWS bonds, which it bought for $3.41m.

After the transactions, SD Standard Drilling has 100% ownership of five large-size modern PSVs through its Norwegian subsidiary companies.

The company has invested in another nine mid-size PSVs, including one vessel on bareboat charter.

New World Supply and its subsidiaries now have cash holdings only and do not own any vessels following the sale, SD Standard Drilling said.