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    Siem Offshore reaches agreement with Daya

    Vessel & ROV News // April 27, 2015

    Siem Offshore has agreed to sell Siem Daya 1 to Daya for US$120 million. In addition, Siem Offshore is entitled to a 60/40 profit share in its favour based on the profit Daya makes on the vessel limited to an additional US$10 million.
    A deposit of US$10 million is to be paid by 30 June 2015. The cancellation date is 31 August 2015.

    US$30 million of the purchase price for the vessel will be financed by a sellers credit from Siem Offshore in the form of a convertible bond to Daya Materials Berhad with 4 years duration and a coupon of 5 per cent, and a conversion price of 15 Malaysian sen per share.
    The transaction is subject to Daya shareholder approval as well as approvals from Malaysian Stock Exchange and Securities Commission with respect to the convertible bond.
    The parties have also agreed to reduce the charter rate for Siem Daya 2 to US$55,000 per day with a day rate of US$45,000 being applicable in the event the vessel is in lay-up and a catch up rate which would secure a day rate of up to US$60,000 per day provided the vessel operates profitably for Daya. The charter for Siem Daya 2 has further been extended by a year.

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