CP Latina, Standard Drilling to Exercise Purchase Option for Jack-Up Rig

CP Latina informed SD Standard Drilling Plc., that they will exercise previously granted option for purchase of B338 jack-up rig, currently under construction at Keppel FELS at the agreed gross price of USD 215 million.

Financial and legal closing of the transaction is set to take place on 15th of March 2013. After the anticipated closing on the 15th of March 2013, SDSD will have one rig left (B340) which is scheduled to be delivered from the yard in May 2014.