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Siem Offshore agrees to sell SIEM MOXIE 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.

A new era for accessing offshore wind turbines

Earlier this year in Hamburg, the name-giving ceremony was held for the installation support vessel Siem Moxie, Maritime Journal reports. The vessel was built for Siem Offshore Contractors by shipbuilder Fjellstrand AS (based at Omastrand in the Hardangerfjord on the west coast of Norway). Following model testing at the Hamburg Ship Model Basin, the basic vessel was built at Ada Shipyard at Tuzla in Turkey before being towed to Fjellstrand’s facilities in Norway for completion. The vessel has immediately been taken on charter by E.ON for duties at the Amrumbank West offshore windfarm north of Helgoland in the German sector of the North Sea. There are a number of notable features with the Siem Moxie, including: ULSTEIN’S patented X-BOW design, Voith Schneider propulsion (VSP) units (the first example of this combination in an offshore work vessel) and the first example of a three-axis motion compensated offshore crane. The combination of features in this innovative vessel have presented the industry with a visible example of how they may address the issue of providing access to turbines at a time when traditional methods are being overtaken by progressive developments.