Siem Offshore (SIOFF) informed that it has extended the delivery of Siem Daya 1 vessel to Daya Materials until September 30, 2015, with October 15 as cancelling date.

The extended delivery, which was scheduled for August 31, 2015, will be due to the vessel’s operations on its current project.

SIOFF also informed that other terms and conditions of the agreement will remain valid and in full force and effect.

As reported earlier, SIOFF has agreed to sell Siem Daya 1 to Daya for USD 120 million.

In addition, SIOFF is entitled to a 60/40 profit share in SIOFFs favour based on the profit Daya makes on the vessel limited to an additional USD 10 million.

The Siem Daya 1 is designed for subsea operation duties such as construction and installation work, inspection and maintenance. The 120.8 meters long vessel is of Vard design and built in 2013.