Oslo: Subsea 7 spinoff, Siem Offshore Inc, has announced a major restructuring of the business to form two separate divisions within the group.
A division will be formed to streamline the core offshore support vessel business named Siem Offshore OSV, to be headed up by Idar Hillersøy, who has been ceo of 50% owned affiliate Second Canada since December 2012.
The remaining businesses within Siem Offshore Inc consisting of Siem Offshore Contractors, Joides Resolution, Siem Wis, the combat management business in Brazil and property investments business will form SIEM Offshore Industrial Investments. Terje Sørensen will head the new division while maintaining his current role of ceo of SIEM Offshore Inc.
The statement from Siem Offshore said that the changes will help focus and develop the core offshore vessel business as well as developing and growing the business in Siem Offshore Contractors and finding strategic solutions for the other businesses.
Speaking to Splash, Eystein Eriksrud the chairman of Siem Offshore Inc, said that the changes are effective immediately. He said the new structure would “allow management to focus on our vessel business, and also put a management team in place to develop our cable business which is performing well.”
While the split is currently limited to management organisation, the announcement suggested that a split of the two businesses into separate companies may be implemented in future.
