Kristian Siem’s Subsea 7 has announced it will acquire Siem Offshore Contractors and two vessels, cable lay vessel Siem Aimery and the support vessel Siem Moxie, from another Siem-led company Siem Offshore.
Siem Offshore Contractors is an installer of subsea inter-array cables and provides repair and maintenance services to the offshore renewable energy market.
Subsea 7 is paying €140m ($171m) initially plus additional funds based on contracted volume each year through to 2024.
Jean Cahuzac, CEO of Subsea 7, commented: “Siem Offshore Contractors is an experienced provider of services to the offshore renewable energy, oil and gas, and utilities markets with capability that will complement Subsea 7’s existing offering. We believe that this acquisition opportunity will enhance the offshore renewables service we offer as a full lifecycle partner to our clients for their offshore energy developments.”
The transaction is expected to be completed in the first half of 2018.
Last month, Subsea 7 acquired from Japan’s Chiyoda Corporation a 60% stake in energy consultancy Xodus Group.