November 18, 2014

Daya Materials To Acquire DP2 Offshore Subsea Construction Vessels

KUALA LUMPUR - Daya Material Bhd has proposed to acquire a dynamic positioning class 2 (DP2) offshore subsea construction vessel, Siem Daya 1 (SD1), from Siem Offshore Rederi AS (SORA) for US$140 million cash.

It would also acquire a second DP2 offshore subsea construction vessel, Siem Daya 2 (SD2), for US$140 million and an additional US$2.3 million for a 50 metric tonnes active heave compensation 3,000 metres crane.

Both vessels are currently chartered by SORA to a subsidiary of Daya Materials.

In a filing to Bursa Malaysia on Monday, Daya Materials said the proposed acquisitions would enable the group to own and operate the vessels instead of chartering the vessels from SORA.

It would further enhance the operating cost structure of the vessels, which was expected to contribute positively to the future profitability of the group, Daya Material said.

"The acquisitions were also in line with the group's business strategy to own operating assets to expand its range of subsea services and enhance its subsea capabilities in offshore oil and gas operations," it said.

Source - Bernama