Subsea 7 Adds Siem Offshore Contractors
Subsea 7 has completed the acquisition of Siem Offshore Contractors.
The acquisition includes the entire issued share capital of Siem Offshore Contractors, the inter-array cable lay vessel Siem Aimery and the support vessel Siem Moxie.
As announced in March this year, the initial consideration is EUR 140 million subject to adjustments for working capital and net cash in Siem Offshore Contractors and a deferred contingent consideration, based on the contracted volume of work achieved in each year up to 2024, which is not expected to exceed EUR 40 million over the period.
Following completion the financial results of Siem Offshore Contractors will be consolidated within Subsea 7’s Renewables and Heavy Lifting Business Unit.