Norway: Siem Offshore Announces Acquisition of Large-Size PSV

Siem Offshore As has agreed to acquire a large-size PSV of VS 485-design. The investment will be done through the 51% owned subsidiary Siem Meling Offshore DA at a price of NOK 345 million (USD 61.3 million) .

The vessel will be partly financed by a debt facility of NOK 262 million. The vessel shall commence a 1+1 year charter for Statoil upon delivery from the yard, which is scheduled in mid-March 2011.

The vessel is a sister vessel of the “Siem Pilot”, which is also owned by Siem Meling Offshore DA. The vessel has an accommodation for 64 persons, a deck area in excess of 1,000 m2, clean design, diesel electric propulsion with low fuel consumption and low emissions. The vessel is prepared for a large offshore crane, standby services, oil recovery and fire fighting.

Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry.

The Company has grown significantly and has currently a fleet of 43 vessels, of which 9 are under construction. The Company’s fleet includes large anchor handling tug supply vessels, platform supply vessels, and other support vessels.

The Company has an integrated operation with offices in Norway, Brazil and Cayman Islands, and provides a wide range of services from its vessels, equipment and experienced onshore and offshore personnel with high focus on Health, Safety, Environment and Quality.

*Photo: Siem Sailor PSV of VS 485 Design

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Source:Siem Offshore, February  24, 2011;