Siem Offshore Inc. (the "Company") has agreed to sell 9 of its vessels (Siem
Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem
Pride, Siem Symphony and Siem Thiima) to the major shareholder Siem Sustainable
Energy S.a r.l and related companies ("Siem") in exchange for 35% of the
Company's shares. Siem will thereafter cease to be a shareholder in the Company
and Kristian Siem does not offer himself for election at the annual shareholders
meeting scheduled to be held on the 7th of May 2024.
The 9 vessels are 3 AHTS, 4 PSV and 2 OSCV. The vessels will be transferred to
Siem as soon as practical and before 1 July 2024. Siem will assume $ 117.5 mill
of existing vessel debt as part of the transaction.
The Company will continue to manage the 9 vessels under industry standard ship
management agreements for a minimum period of one year.
Kristian Siem, Chairman of the Company commented on the transaction:
"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. 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."
The Company would like to thank its founder, Mr. Kristian Siem, for his
long-standing tenure as Chairman of the Board. Mr Siem has been instrumental in
the prosperous development of the Company, not least enabled with the support
from Siem Industries Group during challenging times. His contributions are
highly valued and have provided the Company with a strong platform to take
advantage of the many opportunities ahead.
Mr Siem and the other main shareholders of the Company, have decided to split
the Company's assets according to their current ownership. The parties have
reached an amicable agreement, supported by a vast majority of the Company's
shareholders.
Contact: Kristian Siem, ks@siemindustries.com
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 in the Norwegian Securities Trading Act.