Siem Waits on Full Deposit for Two OSCVs

Siem Offshore and Daya Materials Bhd. entered into an agreement in August 2014 for the sale of the two Offshore Subsea Construction Vessels (OSCVs) ”Siem Daya 1” and ”Siem Daya 2” at a total price of USD 282 million.

Daya has paid a deposit of USD 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.

The deposit will equate to 10% of the purchase price. The subsequent delivery of the vessels shall thereafter take place latest by mid-July 2015.

The “Siem Daya 1” and “Siem Daya 2” are designed for subsea operation duties such as construction and installation work, inspection and maintenance. The vessels feature twin WROVs, work moonpool, 250T AHC crane, and provide accommodation for 110 persons.

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

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