Subsea 7 S.A. (SUBC) has signed an agreement to acquire Siem Offshore Contractors GmbH (Siem Offshore Contractors) and two vessels, subject to competition clearance in Germany. 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 acquisition will further expand Subsea 7’s presence in the renewables segment.
Siem Offshore Contractors is an installer of subsea inter-array cables and provides repair and maintenance services to the global offshore renewable energy market. The vessels, Siem Aimery and Siem Moxie, are owned by Siem Offshore Rederi AS. Siem Offshore Contractors GmbH and Siem Offshore Rederi AS are wholly owned subsidiaries of Siem Offshore Inc., which is a related party to Subsea 7 S.A.
Siem Offshore Contractors’ unaudited pro-forma 2017 financial results included revenue of EUR 97M and EBITDA of EUR 25M after an adjustment to exclude chartering costs of the two vessels being acquired. Siem Offshore Contractors’ backlog at 31 December 2017 was approximately EUR 120 million, including EUR 40 million related to the Beatrice wind farm project.
