Siem Offshore extends deadline for sale of subsea vessels to Daya Materials

Siem Offshore extends deadline for sale of subsea vessels to Daya Materials

Oslo: Siem Offshore and Malaysian oil and gas company Daya Materials entered into two MOUs to acquire two DP2 offshore subsea construction vessels, Siem Daya 1 and Siem Daya 2, in August 2014.

In a press release on Oslo stock exchange today, Siem Offshore says that both parties are still in negotiations and have agreed to extend the deadline for termination of the sale to 24 April 2015.

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

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

Daya Materials says the 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.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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