The founder of Siem Offshore, Kristian Siem, is leaving the company and stepping down as chairman by letting go of 35% of his shareholding in exchange for nine vessels.
Founded in 2005, Siem Offshore lists 26 OSVs in its fleet, which will now be split according to current ownership. The company’s second-largest shareholder is Norwegian investor Christen Sveaas, with about 33% stake.
The Oslo-listed company said the Kristian Siem deal includes two offshore subsea construction vessels (OSCVs ) Siem Barracuda and Siem Stingray; four platform supply vessels Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima; and three anchor handling tug supply units Siem Opal, Siem Pearl and Siem Topaz.
Siem Offshore will continue to manage the vessels for at least one year after delivery, expected by July, and Kristian Siem companies will assume $117.5m of existing debt as part of the “amicable agreement”, supported by a vast majority of shareholders.
Commenting on the deal, the outgoing chairman, Siem, who will not stand for election in May this year, said: “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,” Siem concluded.
