Siem sells CSV twins

Siem Offshore is set for a $64m gain having agreed the surprise sale of two modern subsea construction vessels.

Oslo-listed Siem will pick up $282m from the exit of the duo, in what is a rare second hand transaction in the sector.

Daya, which already has the Siem Daya 1 and Siem Daya 2 (both built 2013) on long-term charter, now has 150 days to get the cash together to complete the purchase.

If it fails to do so, the charter contracts will remain in place.

Terje Sorensen, Siem’s chief executive, told TradeWinds: “It is not that we were eager to sell the vessels but Daya came to us with a proposal and since we reached an attractive price we agreed.”

Market sources consider the price for the two offshore subsea construction vessels to be “reasonable”, based on the price of the ongoing contracts with Daya.

Brokers say Siem was willing to sell two of its new vessels given it has a full newbuilding orderbook.

According to Clarksons, the Norwegian owner is expecting delivery of 10 newbuildings in 2014, 2015 and 2016.

Siem will use the cash from the sale to repay mortgage debt and for working capital, it said in a statement.

According to its second quarter report released yesterday, Siem had debt of $1.2bn on the 30 June.

Its cash balance sat at $129.485m at the close of a quarter in which it booked a profit of $12.14m.

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