Siem Extends Deadline for Daya’s OSCV Financing

Oslo-listed Siem Offshore and Daya Materials Bhd. (Daya) have agreed to extend the deadline for termination of the Memorandums of Agreement (MoAs) to April 24, 2015.

Namely, the two companies entered into an agreement in August 2014 for the sale of the two 2013-built Offshore Subsea Construction Vessels (OSCVs) Siem Daya 1 and Siem Daya 2.

Siem and Daya agreed on the price of USD 282 million and Daya has paid a deposit of USD 1.4 million in aggregate on the vessels, and has been given until mid-April to arrange for financing and to pay the remainder of the deposit on the two vessels.

According to earlier Siem’s listing on Oslo Stock Exchange, the sale of the two vessels will represent a gain of approximately USD 64 million, which will be recorded at the delivery of the vessels.

The Siem Daya 1 and Siem Daya 2 are designed for subsea operation duties such as construction and installation work, inspection and maintenance. The vessels feature twin WROVs, work moonpool, 250T AHC crane, and provide accommodation for 110 persons.