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Siem Offshore agrees to sell Siem Offshore Contractors Gmbh and two vessels to Subsea 7 S.A.

Siem Offshore Inc. has entered into an agreement with a subsidiary of Subsea 7 S.A to sell all its shares in Siem Offshore Contractors GmbH (“SOC”) subject to German competition clearance, the company said in its press release. Simultaneously, the Company has agreed to sell the cable lay vessel Siem Aimery and the walk to work vessel Siem Moxie to a company in the Subsea 7 Group. The Company and Subsea 7 are related parties. The initial consideration is agreed to be Euro 140 million, split between Euro 90 million for the vessels and Euro 50 million for the shares of SOC subject to usual adjustments for net cash and working capital. In addition, the Company is entitled to contingent consideration based on the volume of work for SOC from the year 2019 to the end of 2024 which is more closely described in the note below. The Company estimates the contingent consideration to amount to between Euro 25-40 million over the period.

Cable Lay Vessel ‘Siem Aimery’ Christened

The CLV Siem Aimery, the latest vessel added to the Siem Offshore fleet was Christened in a naming ceremony on Wednesday 27-Apr-2016 at the Remontowa Shipbuilding yard in Gdansk, Poland. Mrs Karin Muck, wife of Mr Lars Muck, Business Area Manager of Siem Offshore Contractors is the Godmother of the vessel.