Norwegian offshore vessel operator Siem Offshore has officially changed its name to Sea1 Offshore and is registered in the Cayman Islands Companies Registry, effective from the date of approval at the May 7, 2024 Annual General Meeting.
In April this year, Kristian Siem, the former founder of Siem Offshore, announced that he was stepping down as chairman of the company by selling 35% equity in exchange for the sale of nine vessels to Siem Sustainable Energy and related companies. This change of company name means that the sales of the relevant vessels has been completed.
The deal with Kristian Siem is said to include 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, the Siem Opal, Siem Pearl and Siem Topaz.
Sea1 Offshore will continue to manage the vessels for at least one year after delivery and Kristian Siem will assume the existing debt of $117.5 million as part of an “amicable agreement” that has been supported by a majority of shareholders.
Founded in 2005, Siem Offshore has a fleet of 26 offshore vessels. Norwegian investor Christen Sveaasyi has taken over Sea1 Offshore as the second largest shareholder, following the withdrawal of Kristian Siem.
As for the “Siem” prefix, the now renamed Sea1 Offshore has decided to remove it from the names of the group’s vessels and subsidiaries while at the same time changing its stock code from SIOFF to SEA1.
In announcing his departure, Kristian Siem said: “The two major shareholders of Siem Offshore have different values, cultures and objectives. Defining the organizational direction of the company is crucial to its later development. There are currently several paths that could well help the company move forward, but only one path can be chosen, and only one party can take the helm. For the past 30 years, I have been building an efficient organization for the company with a reputation. Now that my work is done, I will hand the company over to other owners.”