Daya defends RM450mil vessel buy

Datuk Lim Thean Shiang, Daya Materials group chief executive officer

PETALING JAYA: Daya Materials Bhd’s planned purchase of subsea offshore vessel Siem Daya 1 (SD1) will lower the cost of operations and serve it well in the long haul.

Commenting on market concerns that it might be exposing itself in a big way amid the soft sector outlook, group chief executive officer Datuk Lim Thean Shiang said the US$120mil (RM449mil) vessel purchase was supported by long-term contracts Daya has with global offshore contractors in the North Sea.