SBM Installer sale deal axed

The proposed $180 million sale of the newbuild SBM Installer to a subsidiary of Daya Offshore Construction had been agreed in November.

However, the deal was dependent on purchaser Daya Vessels Limited (DVL) coming up with the relevant transaction financing.

SBM wrote on Monday: "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 memorandum of agreement (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."

SMB