Key insiders at Oslo-listed shipowner and investment company SD Standard ETC have been adding to their stakes in a series of share purchases.
The former SD Standard Drilling, controlled by Norwegian tycoon Oystein Stray Spetalen, has been renamed to reflect its ambition to invest more in renewables.
In Oslo bourse filings, the company said that chairman Martin Nes’s company Ferncliff Listed DAI bought 8m shares at NOK 1.49 each, for a total outlay of NOK 11.92m ($1.34m).
Ferncliff now has 155.9m shares, giving Nes a stake of nearly 30%.
Landinvest, a company controlled by SD ETC’s head of investments, Espen Landmark Fjermestad, has also bought 1.5m shares this month at NOK 1.49 per share, or NOK 2.23m.
After the transaction, Landinvest has 2m shares.
And EL Investment, controlled by another “primary insider”, Espen Lundaas, paid the same price for 2m shares, bringing his holding to 8.3m shares.
The stock was trading up 1% on Friday at NOK 1.44.
In the fourth quarter, Standard ETC reported a net profit after tax of $10.2m, up from a loss of $6.6m in the same period of 2020.
The full-year profit was $13.7m.
Cash lined up for investments
“Standard ETC continues to deploy capital to the investment portfolio, which has increased even further during the first quarter of 2022,” said Nes.
During the fourth quarter, Standard ETC sold a third share in a new VLCC owned with George Economou and Idan Ofer, as well as one large platform supply vessel (PSV).
“The divestments have strengthened our cash holding substantially and flexibility to pursue other investments opportunities. We have had a strong value development in the portfolio in the fourth quarter and look forward to continuously evaluate business opportunities,” the chairman added.
The remaining larger PSVs have been revalued from $8m to $10.3m due to the price gained for the last disposal.
The utilisation of these two ships was 92%, compared to just 73% in weaker 2020 markets.
