Kristian Siem, founder and longtime leader of Siem Offshore, is stepping down as chairman of the Norwegian offshore support vessel (OSV) firm after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.
The company announced it has reached an "amicable agreement" to sell Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima to Kristian Siem's Siem Sustainable Energy S.a r.l and related companies in exchange for 35% of the company’s shares.
The other major shareholder is Christen Sveaas' Kistefos, which previously controlled about 33% of Siem Offshore.
Siem will cease to be a shareholder in the company, and Kristian Siem will not offer himself for election at the annual shareholders meeting scheduled to be held on May 7, 2024.
The nine vessels—including three anchor handlers (AHTS), four platform supply vessels (PSV) and two subsea construction vessels (OSCV)—will be transferred to Siem as soon as practical and before July 1, 2024, the company said, noting it will continue to manage the vessels under industry standard ship management agreements for a minimum period of one year. Siem also will assume $ 117.5 million of existing vessel debt as part of the transaction.
Kristian Siem said of the deal, “The company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the company’s organization is essential for results. There are several ways forward which may serve the company well, but only one avenue can be chosen and only one party can hold the helm. I have spent the past 30 years building the company with an effective organization which enjoys a high reputation. My job is completed and I hand over to other owners. I thank all the people in the company, on shore and offshore, for their contribution to this journey, for their loyalty to the company’s long term interest and for the pleasure it has been working together. My hope is that the new leadership will stay on a steady course and I wish the company and all my past colleagues well.”