Daya has until April to find cash for Siem deposit

Norway’s Siem Offshore and Malaysia’s Daya Materials Bhd. entered into an agreement in August 2014 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 $282 million.

Daya has paid a deposit of USD 1.4 million in aggregate on the vessels, and has been given until mid-April to arrange for financing and pay the remainder of the deposit on the two vessels.

The deposit will equate to 10% of the purchase price. The vessels will be delivered by mid-July 2015. Both vessels are on long-term charters to Daya and the charter agreements will continue until deliveries are concluded.

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