Siem Offshore announced that it has agreed a deal with Malaysia's Day Materials to sell DP2 offshore subsea construction vessel, Daya 1.

The initial deal was announced in August 2014, with both Daya 1 and Daya 2 included in the sale. However, negotiations stalled on the deal which was initially for a price of US$140m per vessel.

The deal has been completed for US$120m, with Siem Offshore taking a 60/40 share on the profit Daya makes on the vessel, up to an additional US$10m. Siem said that a US$10m deposit has to be paid by June 30 and any cancellations can only be made up until August 31, 2015.

The transaction is subject to Daya shareholder and Malaysian Stock Exchange approval .

Daya 2 was not sold to Daya Materials as per the original agreement. However, both companies have also agreed to reduce the charter rate to US$55,000 per day with a day rate of US$45,000 should the vessel go into lay-up. There is also a catch up rate of up to US$60,000 per day provided the vessel operates profitably for Daya. The charter has been extended for one year.