Daya shareholders approve vessel acquisition

Malaysia’s Daya Offshore Construction is a step closer to acquiring a subsea construction vessel from Norway’s Siem Offshore.

According to the Norwegian shipowner, Daya has today secured approval from its shareholders to proceed with the purchase of  “Siem Daya 1” vessel. Siem Daya 1 is already on a long term charter with Daya Offshore Construction, as well as its sister vessel Siem Daya 2.

The parties have agreed on extending the deadline for payment of the deposit for “Siem Daya 1”  until July 15, 2015.

To remind, in April 2015, Siem Offshore Inc agreed to sell Siem Daya 1 to Daya for $120 million, with Siem Offshore entitled to a 60/40 profit share in its favor based on the profit Daya makes on the vessel. A deposit of USD 10 million was to be paid by Daya by June 30 2015.

The Siem Daya 1 is designed for subsea operation duties such as construction and installation work, inspection and maintenance.

Also, in April the parties agreed to reduce the charter rate for Siem Daya 2 to USD 55,000 per day with a day rate of USD 45,000 being applicable in the event the vessel is in lay-up and a catch up rate which would secure a day rate of up to USD 60,000 per day provided the vessel operates profitably for Daya. The charter party for Siem Daya 2 has further been extended with one year.

Offshore Energy Today Staff