Malaysia-listed oil and gas company Daya Materials (Daya) has secured a novation agreement with Norway-based Siem Offshore for a dynamic positioning class 2 offshore subsea construction vessel at cash consideration of US$90m.

The novation agreement was signed by its wholly owned subsidiary Daya Global.

Daya will finance the vessel with the issuance of ringgit-denominated bonds equivalent to US$30m, apart from the cash consideration of US$90m.

The company has secured a US$80m worth of loan to finance the majority of the purchase.