Siem Offshore prolongs Daya’s payment deadline for two OSCVs

Norway’s Siem Offshore and Malysia’s Daya Materials will extend the deadline for termination of the Memorandum of Agreement for the sale of two Offshore Subsea Construction Vessels (OSCVs) till April 24, 2015.

Namely, the two companies entered into agreement for the sale of 2013-built Siem Daya 1 and Siem Daya 2 in August 2014 for a price of $282 million. The delivery of the two vessels was scheduled for mid-April 2015.

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

Both vessels are on long-term charters to Daya and the charter agreements will continue until deliveries are concluded.

The Siem Daya 1 and and Siem Daya 2 are designed for subsea operation duties such as construction and installation work, inspection and maintenance.

Offshore Energy Today Staff

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