SBM Offshore is pleased to announce that it has entered into an agreement to sell the DSCV SBM Installer, a Diving Support and Construction Vessel (DSCV), to OS Installer AS for US$150 million in cash.

OS Installer AS is a newly established joint venture between Ocean Yield ASA (75%) and SBM Offshore (25%). Both parties have signed a memorandum of agreement, and SBM Offshore will charter the vessel under a long-term bareboat charter for a fixed period of 12 years. The Company will have certain options to acquire the vessel during the bareboat charter period, with the first option exercisable after five years.

The transaction is expected to close before the end of 2014 and is subject to final agreement on bank financing.

The DSCV SBM Installer is a state of the art multi-purpose Diving Support and Construction Vessel (DSCV), based on the MT-6024 design from Marin Teknikk in Norway and built to DNV rules and international regulations. Built by Keppel Singmarine in Singapore in 2013, the vessel features the patented 'double-deck' design which improves safety as well as providing significantly more deck space. The vessel is equipped with a class III DP system as well as a fully integrated 12-man saturation diving system capable of operating in up to 300 metres of water. A 250 tonne knuckle boom crane and 150 tonne winch will enable the vessel to carry out offshore construction and installation work in water depths of up to 1,500 metres.