Athena

SBM Offshore announced today they have sold their new Diving Support and Construction Vessel (DSCV) SBM Installer for US$150 million in cash, however it’s not exactly going far. The vessel is now owned by a joint venture between SBM Offshore (25%) and Ocean Yield ASA (75%) and will be bareboat chartered back to SBM for the next 12 years. After five years, SBM Offshore has the option to reacquire the vessel.

SBM Offshore has agreed to the sale of the DSCV SBM INSTALLER, a newbuild Diving Support and Construction Vessel (DSCV), to Daya Vessels Limited, a subsidiary of Daya Offshore Construction Sdn Bhd, for US$180 million in cash. Both parties have signed a memorandum of agreement, subject to the buyer securing transaction financing, and expect to close the transaction in Q1 2014. No regulatory approvals are required and Board approval for the sale has been obtained by both parties, the company said in its press release.