Subsea 7 acquires Siem Offshore Contractors
Luxembourg-based Subsea 7 has signed an agreement to buy Germany’s Siem Offshore Contractors and two vessels, subject to competition approvals.
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 initial cost is €140 million (US$172.3 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 €40 million over the period.
The transaction is expected to be completed in the first half of 2018.