Siem Offshore Agrees to Sell Nine Vessels to Siem Sustainable Energy

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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, reports SIEM Offshore.

About the vessels

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.

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Source: SIEM Offshore