Kristian Siem walks away from Farstad takeover

Kristian Siem walks away from Farstad takeover

Kristian Siem has called off the takeover of Farstad Shipping, plunging the future of the Norwegian OSV operator into doubt again. Farstad had been negotiating with Siem vehicle Siem Oil Service Invest (SOSI) for the past couple of months but, according to a Farstad release no solution has been found for the restructuring which is acceptable to all affected creditors. The term sheet between Farstad and SOSI has terminated, and Farstad said today it will pursue other alternatives for its financial restructuring.

Farstad and a majority of its subsidiaries also said today that in a bid to preserve liquidity it will uphold the current suspension of service of financial debt. The companies’ stand-still agreement with their secured lenders ending on 31 January 2017 will also remain in force.

Kristian Siem has been one of Norway’s leading champion consolidators in the offshore scene in the past 18 months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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