Siem sells OSCV duo to charterer

AUGUST 22, 2014 — Norway’s Siem Offshore has entered into an agreement with Malaya’s Daya Materials Bhd. (“Daya”) for the sale of the two 2013-built Offshore Subsea Construction Vessels (OSCVs) Siem Daya 1 and Siem Daya 2 for a total price of $282 million.  
 
Daya has been given 150 days to arrange for financing of the two vessels and delivery of the vessels is schedule to take place latest by mid-April 2015.  Both vessels are on long-term charters to Daya and the charter agreements will continue until deliveries are concluded.
 
The sale of the two vessels will represent a gain of approximately $64 million, which will be recorded at the delivery of the vessels. The sales proceeds will be used to repay mortgage debt, currently at $151 million, and for working capital.