With CEO and Chairman parting ways, nine Siem Offshore vessels changing hands

Norway’s shipping company Siem Offshore has made arrangements to divest three anchor handling tug supply (AHTS), four platform supply vessels (PSVs), and two offshore subsea construction vessels (OSCVs) to a major shareholder and related companies.

The list of nine vessels that have been marked for sale entails the OSCV Siem Barracuda, OSCV Siem Stingray, AHTS Siem Opal, AHTS Siem Pearl, AHTS Siem Topaz, PSV Siem Pilot, PSV Siem Pride, PSV Siem Symphony, and PSV Siem Thiima. The vessels are being sold to Siem Sustainable Energy and related companies in exchange for 35% of the firm’s shares.

As a result, Siem will cease to be a shareholder in the company and Kristian Siem will not offer himself for election at the annual shareholders meeting scheduled to be held on May 7, 2024. Siem will assume $117.5 million of existing vessel debt as part of the transaction and these nine vessels will be transferred before July 1, 2024.

Furthermore, Siem Offshore will keep managing these nine vessels under industry standard ship management agreements for a minimum period of one year. Kristian Siem and the other main shareholders of Siem Offshore have decided to split the shipping player’s assets according to their current ownership, thanks to an amicable agreement, supported by a vast majority of the Norwegian firm’s shareholders.

Commenting on this, Kristian Siem, Chairman of Siem Offshore, noted: “The company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the company’s organisation is essential for results. There are several ways forward which may serve the company well, but only one avenue can be chosen and only one party can hold the helm. I have spent the past 30 years building the company with an effective organisation which enjoys a high reputation.

“My job is completed and I hand over to other owners. I thank all the people in the company, on shore and offshore, for their contribution to this journey, for their loyalty to the company’s long term interest and for the pleasure it has been working together. My hope is that the new leadership will stay on a steady course and I wish the company and all my past colleagues well.”

Siem Offshore has been busy winning new deals for its vessels and extending existing ones over the last few months. The most recent contract extension was secured for a 2009-built diesel-electric driven multipurpose support vessel (MPSV).

The additional work for the vessel came shortly after the Norwegian shipping player landed new deals for two platform supply vessels (PSVs) off the coast of Brazil.