Norwegian shipping company Siem Offshore has ended negotiations to sell its cable lay business at the same time revealing the identity of the interested party.
The shipping company revealed it was in negotiations with an unnamed potential buyer for its cable lay business Siem Offshore Contractors GmbH earlier in November. However, these talks have now been terminated, Siem Offshore said in a brief statement on Wednesday.
While Siem did not reveal the reason for the termination of the talks, the shipping company did reveal Subsea 7 as the potential buyer.
The UK-based subsea engineering, construction and services company held the discussion with Siem Offshore due to the strategic fit between its renewables business and SOC’s cable business.
Siem Offshore concluded by saying it will continue to operate SOC in the ordinary course of business.
It is worth noting that Siem Industries, Inc. is one of the 20 largest shareholders in Subsea 7, holding 21.3 percent. Siem Industries is also Siem Offshore’s main shareholder.
Siem Offshore Contractors is a provider of submarine cable installation, repair and maintenance serving the global offshore renewable energy and oil and gas sectors as well as utility markets since 2003. Related services such as dive and ROV support, marine survey, UXO investigation and remedial cable protection services are also provided.
Offshore Energy Today Staff