Daya Materials to buy two subsea vessels

Kuala Lumpur: Malaysian oil and gas company Daya Materials announced that it has entered into two MOUs with Siem Offshore Rederi to acquire two DP2 offshore subsea construction vessels, “Siem Daya 1” and “Siem Daya 2”.

The price for each vessel is $140m and the MOU also includes an additional $2.3 million for a 50 metric tonnes active heave compensation 3,000 metres crane.

The company said it intended to fund the acquisitions through a combination of proceeds from the proposed fund raising exercise and bank borrowings.

Daya Materials believes the proposed acquisitions is in line with the group's business strategy to own operating assets to expand its range of subsea services and enhance its subsea capabilities in offshore oil and gas operations. [26/08/14]

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