Norwegian offshore vessel operator Siem Offshore says talks regarding a potential sale of its cable lay business Siem Offshore Contractors have been terminated.
Siem revealed the talks last week when announcing a restructuring of debt, saying it was considering strategic alternatives for the cable lay business and was in negotiations with a potential buyer.
In ending the talks, Siem revealed the other party as Subsea 7 with discussions held due to the strategic fit between Subsea 7’s renewables business and Siem Offshore Contractors’ cable business.
Siem said it will continue to operate Siem Offshore Contractors as normal.
