General Meeting - Contemplated Capital Reduction of USD 320 million.

2/5/2013 2:46 AM EST

Cyprus 4 January 2013 - The Board of Directors of S.D. 
Standard Drilling Plc (Company) has today announced 
that it will call for an Extraordinary General Meeting 
("EGM") of the Company to be held on or about Friday 
March 1st, 2013. In this EGM the Board of Directors 
will propose that the Company undertakes a capital 
reduction exercise ("Capital Reduction"), with the 
intention to effect a proposed payout of up to US$320 
million to shareholders of the Company. The intention 
of the Company is to effectuate the proposed payout 
soonest possible after the EGM has approved of the 
proposal. The Company will in due time announce 
further details about the process, rationale and 
expected timing of the Capital Reduction. It is 
expected that the contemplated Capital Reduction will 
be completed within May 2013.

For further information please contact: 
 
Martin Nes
CEO
Mob: +47 920 14814
 
Or
 
Geir Johansen
CFO
MOB:+65 965 89300