The MOA, signed in November, was subject to DVL securing financing, which it has failed to do, despite SBM Offshore granting a series of extensions.
In a short statement on its website, DVL's 80%-owner Daya Materials Berhad (DMB) announced that, "Mutual termination of the MOA has been sought as our intention was to execute a long-term charter of the vessel and not a direct purchase."
"It is clear from DMB's announcement of earlier today that DMB has no intention to permit DVL to honour the MOA, leaving SBM Offshore no alternative but to seek legal recourse," SBM stated in response.
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