Subsea 7 Finalizes Siem Offshore Contractors Acquisition

Subsea 7 has completed the acquisition of Siem Offshore Contractors (SOC) and cable lay vessel Siem Aimery and support vessel Siem Moxie.

Following the completion, SOC’s results will be reported within Subsea 7’s Renewables and Heavy Lifting business unit.

Subsea 7 and Siem Offshore Group signed an agreement for the acquisition of the entire share capital of SOC and the two vessels in early March.

The initial consideration was agreed at EUR 140 million, split between 90 million for the vessels and 50 million for the shares subject to usual adjustments for net cash and working capital.

In addition, Subsea 7 is entitled to contingent consideration based on the volume of work for SOC from 2019 to the end of 2024, which is estimated to amount to between EUR 25-40 million.

Siem Aimery recently began its second cable installation campaign at the Beatrice offshore wind farm, after installing 16 inter-array cables in late 2017 at the offshore site in the Outer Moray Firth, Scotland.

Siem Moxie’s latest charter was with Tideway for the inter-array cable installation works at the Rentel offshore wind farm.