SBM Offshore, Daya Lock Horns Over Vessel Sale Deal

SBM Offshore today announced that the previously announced memorandum of agreement with Daya Vessels Limited for the proposed sale of the Diving Support and Construction Vessel ‘SBM Installer’ will not proceed as previously planned.

According to SBM Offshore, DVL failed to secure financing for the transaction and did not receive permission from its parent company Daya Materials Berhad (DMB) to proceed with the deal. The vessel was supposed to be sold to DVL for $180 million.

However, DMB said today in a Bursa Malaysia filing that DVL had no intention to purchase the vessel and as such has not attempted to meet any of the terms of the MOA.

“The MOA was signed without the knowledge or prior approval of the Board or board of directors of DVL. No shareholders’ approval of DVL was sought or given. The press release issued by SBM on 11 November 2013 was inaccurate. DVL had notified SBM to terminate the MOA,” DMB said.

To remind, in the press release issued on November 11 SBM said “Board approval for the sale has been obtained by both parties.”

But, in response to the DMB announcement, SBM Offshore, a Dutch supplier of floating production units, today said it would seek legal recourse and accused DVL of breaching the terms of the MOA.

“Meanwhile, the company has reopened the sale of the DSCV SBM Installer with a view to securing a new purchaser shortly,” SBM offshore said.

The DSCV SBM Installer is a state of the art multi-purpose Diving Support and Construction Vessel (DSCV), based on the MT-6024 design from Marin Teknikk in Norway and built to DNV rules and international regulations. Built by Keppel Singmarine in Singapore, the vessel features the SBM Offshore patented ‘double-deck’ design, which improves safety as well as providing significantly more deck space. The vessel is equipped with a class III DP system as well as a fully integrated 12-man saturation diving system capable of operating in up to 300 metres of water. A 250 tonne knuckle boom crane and 150 tonne winch will enable the vessel to carry out offshore construction and installation work in water depths of up to 1,500 metres.

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Offshore Energy Today Staff, December 16, 2013