SBM Offshore refers to its press release of November 11, 2013 and to Daya Materials Berhad’s (DMB) announcement earlier this afternoon concerning the sale of the DSCV SBM Installer to Daya Vessels Limited (DVL).
The memorandum of agreement (MOA) entered into between the Company and DVL was subject to DVL securing transaction 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 pertinent obligations in breach of the MOA. It is clear from DMB’s announcement of earlier today that DMB has no intention to permit DVL 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.
