Cayman Islands-incorporated offshore support vessel player, Siem Offshore Inc (SIOFF), is planning a re-domiciliation of the company whereby a new Norwegian holding company will be established for the SIOFF group.
The proposal is for Siem Renewables AS, which is currently an empty company indirectly owned by Siem Industries, to launch a share-for-share offer for all the outstanding shares in SIOFF. As part of the process, Siem Renewables will be converted into a public limited liability company and change its name to Siem Sustainable Energy (SSE). If the offer is successful, SIOFF will become a subsidiary of SSE, in which case it will be the intention to de-list SIOFF from the Oslo Stock Exchange, while SSE will apply for listing on the Oslo Stock Exchange.
The new group structure would pursue new operations aimed at the energy sector, including renewable energy. The intention is that SIOFF’s existing business, with a fleet mainly deployed in the oil and gas sector, will be continued in SIOFF while new renewable energy related business will be developed in a separate subsidiary owned by SSE.
The composition of the board in SSE will reflect continuity, and the management in SSE will be the same as in SIOFF today. Upon completion of the offer, the intention is to carry out a squeeze-out of the remaining outstanding shares in SIOFF. SSE has secured commitments for a share issue of up to NOK80m ($9m) to finance a squeeze-out. Shareholders representing about 38% of the shares in SIOFF have expressed their support for the offer. The company said it aims to complete the re-domiciliation during the first half of 2022.
