Siem Offshore takes huge loss on Malaysian company

Supply carrier Siem Offshore will have to impair USD 19 million on part of a receivable in Malaysia.

Photo: Siem Offshore

A subsidiary in listed supply carrier Siem Offshore has receivables valued at USD 29.5 million in Malaysian company Daya, which has been struck by financial challenges.  Siem is therefore impairing its outstanding amount by USD 19 million.

Daya, which has made losses over the past two financial years, has been asked to restructure its capital by the Malaysian financial authority, which means that Siem Offshore will receive just USD four million of its outstanding, while the rest is converted to shares in Daya.

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