Subsea 7 has completed the acquisition of Siem Offshore Contractors and two vessels from the Siem Offshore Group.
The vessels acquired are the inter-array cable lay vessel Siem Aimery and the support vessel Siem Moxie.
Siem Moxie is an installation support vessel specially designed and equipped to allow “walk to work” access to offshore installed assets. Siem Aimery is a cable installation, repair, and maintenance vessel designed to satisfy cable lay demands of the offshore wind and offshore oil and gas industries.
On completion of the deal, Siem Offshore Contractors became a wholly-owned subsidiary of the Subsea 7 Group.
As for the value of the acquisition, Subsea 7 in March said the initial consideration was EUR 140 million subject to adjustments for working capital and net cash in Siem Offshore Contractors and a deferred contingent consideration.
Siem Offshore Contractors is an installer of subsea inter-array cables and provides repair and maintenance services to the global offshore renewable energy market. It employs approximately 100 people.
Announcing the deal in March, Subsea 7 CEO Jean Cahuzac said: “Siem Offshore Contractors is an experienced provider of services to the offshore renewable energy, oil and gas, and utilities markets with a capability that will complement Subsea 7’s existing offering. We believe that this acquisition opportunity will enhance the offshore renewables service we offer as a full lifecycle partner to our clients for their offshore energy developments.”
Offshore Energy Today Staff