Siem Offshore finally completes subsea vessel sale to Daya Materials

Siem Offshore finally completes subsea vessel sale to Daya Materials

Oslo: Siem Offshore has announced today that it has agreed a deal with Malaysia’s Day Materials to sell DP2 offshore subsea construction vessel, Daya 1.

The initial deal was announced in August 2014, with both Daya 1 and Daya 2 included in the sale, however negotiations stalled on the deal which was initially for a price of $140m per vessel.

Today, the deal has been completed for $120m, with Siem Offshore taking a 60/40 share on the profit Daya makes on the vessel, up to an additional $10m. Siem said that a $10m deposit has to be paid by 30th June and any cancellations can only be made up until 31st August 2015.

The transaction is subject to Daya shareholder and Malaysian Stock Exchange approval .

Daya 2 was not sold to Daya Materials as per the original agreement, however both companies have also agreed to reduce the charter rate to $55,000 per day with a day rate of $45,000 should the vessel go into lay-up. There is also a catch up rate of up to $60,000 per day provided the vessel operates profitably for Daya. The charter has been extended for one year.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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