Siem Offshore Acquires 50 Pct Ownership in Secunda Canada

Siem Offshore and Birch Hill Equity Partners Inc. (“Birch Hill”), together the “Parties”, have entered into an agreement whereby Siem Offshore today has acquired 50 percent ownership in Secunda Canada LP (“Secunda”) at a purchase price of CAD 16.25 million paid in cash.

Secunda has more than two decades of offshore experience in serving the oil and gas industry and currently owns and operates a fleet of six offshore support vessels on Canada’s east coast.

Secunda has a total of 170 employees (onshore and offshore) and has offices at St. John’s and Halifax.

The Parties have agreed that each party shall have an equal Board representation in Secunda.

Birch Hill established Secunda in March 2012 following an asset transaction. The 2012 financial statements for Secunda, covering the period from March – December 2012, includes revenues of CAD 33.4 million and an operating margin of CAD 7.8 million. Total asset was CAD 60.6 million at 31 December 2012. Shareholder equity was CAD 27.8 million.

The ownership in Secunda will give Siem Offshore a strategic position in Canada’s east coast offshore sector. The aim is to grow the business of Secunda and also to develop Siem Offshore’s current business through the position represented by Secunda.

Press Release, September 09, 2013

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply