Siem to Sell Two OSCVs to Daya Materials

Siem Offshore has entered into an agreement with Daya Materials Bhd. (“Daya”) for the sale of the two 2013-built Offshore Subsea Construction Vessels (“OSCVs”) ”Siem Daya 1” and ”Siem Daya 2” at a total price of USD 282 million.

Daya has been given 150 days to arrange for financing of the two vessels and delivery of the vessels is schedule to take place latest by mid-April 2015. Both vessels are on long-term charters to Daya and the charter agreements will continue until deliveries are concluded.

The sale of the two vessels will represent a gain of approximately USD 64 million, which will be recorded at the delivery of the vessels.

The sales proceeds will be used to repay mortgage debt, currently at USD 151 million, and for working capital.

Press Release, August 22, 2014