Subsea 7 has agreed to buy Germany-based Siem Offshore Contractors, along with two vessels. Subsea 7 has agreed to pay €140 million ($171 million) for the company
Subsea 7 has agreed to buy Germany-based Siem Offshore Contractors, along with two vessels. Subsea 7 has agreed to pay €140 million ($171 million) for the company
The acquisition will include the entire issued share capital of Siem Offshore Contractors, the inter-array cable lay vessel Siem Aimery and the support vessel Siem Moxie.
The deal is subject to competition clearance in Germany and is expected to be completed in the first half of 2018.
Jean Cahuzac, CEO, said: “Siem Offshore Contractors is an experienced provider of services to the offshore renewable energy and oil and gas markets with capability that will complement Subsea 7’s existing offering. We believe that this acquisition opportunity will enhance the offshore renewables service we offer as a full lifecycle partner to our clients for their offshore energy developments.”
Siem Offshore Contractors is a well-known installer of subsea inter-array cables and provides repair and maintenance services to the global offshore renewable energy market. In a statement Subsea 7 said that the deal will further expand its presence in the renewables segment.
Source: Pipeline ME
