Kristian Siem, founder of Norwegian offshore owner Siem Offshore, is leaving the company and stepping down as chairman, offering a 35 percent stake in exchange for nine vessels.
Founded in 2005, Siem Offshore’s fleet of 26 offshore vessels will now be split based on current ownership. The company’s second largest shareholder is Norwegian investor Christen Sveaas, with a stake of about 33 percent.
Siem Offshore commented that the Kristian Siem deal includes two subsea construction vessels, the Siem Barracuda and Siem Stingray; four platform supply vessels, the SiemPilot, Siem Pride, Siem Symphony and Siem Thiima; three anchor handling tug supply vessels, SiemOpal, Siem Pearl and Siem Topaz.
Siem Offshore will continue to manage the vessels for at least one year after delivery (expected in July) and Kristian Siem will assume the existing $117.5 million in debt as part of an “amicable agreement” that has been supported by a majority of shareholders.
Commenting on the deal, the outgoing chairman, Siem, who will not stand for election in May this year, said: “The company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the company’s organisation is essential for results. There are several ways forward which may serve the company well, but only one avenue can be chosen and only one party can hold the helm.”
“I have spent the past 30 years building the company with an effective organisation which enjoys a high reputation. My job is completed and I hand over to other owners,” Siem concluded.
