SBM Offshore sells ‘SBM Installer’

Dutch company SBM Offshore has entered into an agreement to sell the SBM Installer, a Diving Support and Construction Vessel (DSCV), to OS Installer AS for US$150 million in cash.

OS Installer AS is a newly established joint venture between Ocean Yield ASA (75%) and SBM Offshore (25%). The companies have signed a memorandum of agreement under which, SBM Offshore will hire the vessel under a long-term bareboat charter for a fixed period of 12 years.

Furthermore, SBM Offshore said it would have certain options to acquire the vessel during the bareboat charter period, with the first option exercisable after five years.

Ocean Yield ASA’s Chief Executive Officer Lars Solbakken said in a comment: “We are pleased to announce the acquisition of SBM Installer with 12 year charter to a strong counterparty. Including this investment Ocean Yield has now committed to more than USD 540 million in new investments so far this year and our total EBITDA charter backlog is now approximately USD 2.3 billion.”

The transaction is expected to close before the end of 2014 and is subject to final agreement on bank financing.

Dispute with Daya

Elsewhere, in Malaysia, SBM Offshore is seeking $40 million in damages from Malaysia’s Daya Materials, aiming to resolve a dispute over the proposed sale of the ‘SBM Installer’.

SBM Offshore in November 2013, announced it had entered into a Memorandum of Understanding with DVL a subsidiary of Daya Materials Berhad, under which DLV was to acquire the SBM Installer vessel for $180 million.

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.

However, Daya Materials Berhad claims that DVL had no intention to purchase the vessel and as such has not attempted to meet any of the terms of the MOA.

In a Bursa Malaysia filling issued November 27, 2014, Malaysia’s Daya Materials Berhad said it had received a notice from SBM Offshore, under which the Dutch company seeks damages from DVL in the amount of $40 million,which is the difference between the purchase price of the vessel under the MOA of $180 million and the market value of the vessel as at the date of cancellation of the MOA being 21 February 2014, being $140 million.

SBM Installer

The DSCV SBM Installer is a 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 in 2013, the vessel features the 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.

Offshore Energy Today Staff