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    SBM Installer back on sale after Daya fails to find finance

    Vessel & ROV News // December 20, 2013

    SBM Offshore has put its dive support/construction vessel SBM Installer back on sale after the company with whom it had agreed the sale of the vessel failed to arrange finance.

    Referring to an earlier announcement and Daya Materials Berhad’s announcement this week regarding the proposed sale of the vessel to Daya Vessels Limited (DVL), SBM said the memorandum of agreement for the sale was subject to DVL securing financing.

    "Although the company over the past month granted DVL a series of extensions of time to permit DVL to fulfil its obligations under the terms of the MOA in relation to securing financing and the provision of security, DVL has continually failed to meet its  obligations in breach of the MOA," said SBM.

    "It is clear from DMB’s announcement of earlier today that DMB has no intention to honour the MOA, leaving the company no alternative but to seek legal recourse.

    "Meanwhile, the company has reopened the sale of the DSCV SBM Installer with a view to securing a new purchaser shortly."


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