Delivery of ‘Siem Daya 1’ delayed again

Malaysian Daya Offshore Construction and Norway’s Siem Offshore have again delayed the delivery of the Offshore Subsea Construction Vessel (OSCV) Siem Daya 1 to the Malaysian company.

This time, following several delays, the vessel is to be delivered to Daya by November 16, 2015, Siem Offshore said Monday. Siem Daya 1 is already on a long-term charter with Daya Offshore Construction.

To remind, when Daya shareholders approved the purchase of ‘Siem Daya 1’ in June, for $120 million, the parties agreed on extending the deadline for payment of the $10 million deposit until July 15, 2015. The original deadline was June 30, 2015.

On July 17, Siem Offshore announced that the Malaysian company paid-up the deposit and that the sale transaction completion date was set for August 31.

However, on August 26, Siem Offshore reported that the sale completion of Siem Daya 1 had been delayed again, until September 30, 2015, with October 15 being set as the canceling date.

Finally, on Monday, on October 19, Siem Offshore published an announcement in which it said that the parties have agreed to extend the delivery of Siem Daya 1 again. November 30, 2015, has been set as a canceling date.

The Norwegian shipowner added that all other terms and conditions would remain valid and in full force and effect.

The Siem Daya 1 is designed for subsea operation duties such as construction and installation work, inspection and maintenance.

Offshore Energy Today Staff

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