SBM Offshore Sells DSCV SBM Installer

SBM Offshore has agreed to the sale of the DSCV SBM Installer, a newbuild Diving Support and Construction Vessel (DSCV), to Daya Vessels Limited, a subsidiary of Daya Offshore Construction Sdn Bhd, for US$180 million in cash.

Both parties have signed a memorandum of agreement, subject to the buyer securing transaction financing, and expect to close the transaction in Q1 2014. No regulatory approvals are required and Board approval for the sale has been obtained by both parties.

Bruno Chabas, CEO of SBM Offshore commented:

“We are pleased to have reached an agreement with Daya Vessels Limited to sell the DSCV SBM Installer. Today’s announcement is in line with SBM Offshore’s stated strategy to refocus on its core business of FPSOs and associated products and services while continuing to dispose of non-core assets.”

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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Press Release, November 11, 2013