Siem, Daya Agree New Terms for OSCV Sale

Siem Offshore (SIOFF) has agreed to sell Siem Daya 1 to Daya for USD 120 million. In addition, SIOFF is entitled to a 60/40 profit share in SIOFFs favour based on the profit Daya makes on the vessel limited to an additional USD 10 million.

A deposit of USD 10 million is to be paid within 30 June 2015. Cancelling Date is 31 August 2015. USD 30 million of the purchase price for the vessel will be financed by a Sellers credit from Siem Offshore in the form of a convertible bond to Daya Materials Berhad with 4 years duration and a coupon of 5%, and a conversion price of 15 Malaysian sen per share.

The transaction is subject to Daya shareholder approval as well as approvals from Malaysian Stock Exchange and Securities Commission with respect to the convertible bond, SIOFF informed.

The parties have also 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.