Kristian Siem, founder and longtime chief of Siem Offshore, is stepping down as chairman of the Norwegian offshore assist vessel (OSV) agency after reaching a deal to amass 9 vessels in change for his 35% stake within the firm.
The firm introduced it has reached an “amicable agreement” to promote Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima to Kristian Siem’s Siem Sustainable Energy S.a r.l and associated firms in change for 35% of the corporate’s shares.
The different main shareholder is Christen Sveaas’ Kistefos, which beforehand managed about 33% of Siem Offshore.
Siem will stop to be a shareholder within the firm, and Kristian Siem is not going to supply himself for election on the annual shareholders assembly scheduled to be held on May 7, 2024.
The 9 vessels—together with three anchor handlers (AHTS), 4 platform provide vessels (PSV) and two subsea building vessels (OSCV)—will probably be transferred to Siem as quickly as sensible and earlier than July 1, 2024, the corporate stated, noting it should proceed to handle the vessels beneath business normal ship administration agreements for a minimal interval of 1 12 months. Siem additionally will assume $ 117.5 million of present vessel debt as a part of the transaction.
Kristian Siem stated of the deal, “The company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the company’s organization 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 organization which enjoys a high reputation. My job is completed and I hand over to other owners. I thank all the people in the company, on shore and offshore, for their contribution to this journey, for their loyalty to the company’s long term interest and for the pleasure it has been working together. My hope is that the new leadership will stay on a steady course and I wish the company and all my past colleagues well.”
