Cayman Islands-incorporated offshore support vessel player, Siem Offshore Inc (SIOFF), has dropped plans for re-domiciliation of the company whereby a new Norwegian holding company would have been established for the SIOFF group.
The initial scheme, floated in March this year, was for Siem Renewables, 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 would have been converted into a public limited liability company with a new name – Siem Sustainable Energy (SSE).
However, Siem Offshore unveiled in Oslo Exchange filing that based on recent market developments and talks with its creditors, “the company has decided that it will not pursue the re-domiciliation plan at this time.”
Back in March, Siem Offshore said the new group structure would pursue new operations aimed at the energy sector, including renewable energy. The intention was that SIOFF’s existing business, with a fleet mainly deployed in the oil and gas sector, would be continued in SIOFF while a new renewables unit would work as a separate subsidiary owned by SSE.