Siem Offshore blir Sea1 Offshore

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SALE OF 9 VESSELS TO MAJOR SHAREHOLDER​

Siem Offshore Inc. (the “Company”) has agreed to sell 9 of its vessels (Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima) to the major shareholder Siem Sustainable Energy S.a r.l and related companies (“Siem”) in exchange for 35% of the Company’s shares. Siem will thereafter cease to be a shareholder in the Company and Kristian Siem does not offer himself for election at the annual shareholders meeting scheduled to be held on the 7th of May 2024.

The 9 vessels are 3 AHTS, 4 PSV and 2 OSCV. The vessels will be transferred to Siem as soon as practical and before 1 July 2024. Siem will assume $ 117.5 mill of existing vessel debt as part of the transaction.

The Company will continue to manage the 9 vessels under industry standard ship management agreements for a minimum period of one year.

Kristian Siem, Chairman of the Company commented on the transaction:
“The Company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the Company’s organisation is essential for results. There are several ways forward which may serve the Company well, but only one avenue can be chosen and only one party can hold the helm. I have spent the past 30 years building the Company with an effective organisation which enjoys a high reputation. My job is completed and I hand over to other owners. I thank all the people in the Company, on shore and offshore, for their contribution to this journey, for their loyalty to the Company’s long term interest and for the pleasure it has been working together. My hope is that the new leadership will stay on a steady course and I wish the Company and all my past colleagues well.”

The Company would like to thank its founder, Mr. Kristian Siem, for his long-standing tenure as Chairman of the Board. Mr Siem has been instrumental in the prosperous development of the Company, not least enabled with the support from Siem Industries Group during challenging times. His contributions are highly valued and have provided the Company with a strong platform to take advantage of the many opportunities ahead.

Mr Siem and the other main shareholders of the Company, have decided to split the Company's assets according to their current ownership. The parties have reached an amicable agreement, supported by a vast majority of the Company's shareholders.
 

Change of company name

The name change of Siem Offshore Inc. to Sea1 Offshore Inc. has been formally registered in the Cayman Islands Registrar of Companies.

The intention to change the name of the company was previously disclosed in the stock exchange notice of 19 April 2024, as part of the summons to the company's annual general meeting. The name change was effective as of the annual general meeting's approval of the name change on 7 May 2024.

The change of corporate name reflects the sale of 9 vessels to Siem Sustainable Energy S.a r.l and related companies, as further described in the company's stock exchange notice of 5 April 2024. Over the next period of time, the "Siem" prefix will also be removed in the names of the group's vessels and subsidiaries.

The share's ticker will shortly be changed from "SIOFF" to "SEA1". The ISIN-code for the company's shares KYG812291253 will remain unchanged.
 

Vessel sale and refinancing

Reference is made to the stock exchange notices published on 5 April 2024 and 28 June 2024, regarding a sale of 9 vessels to a major shareholder in exchange for 35.7% of the Company’s shares and MUSD 117.5 debt assumption. The transaction has now been completed and the shares repurchased by the Company will be cancelled with immediate effect. Following the cancellation, the Company has a share capital of USD 153,544,315 divided into 153,544,315 shares, each with a par value of USD 1.

Simultaneously with the closing of the vessel sale, the Company has completed the refinancing of certain parts of its debt. Debt of USD 69m maturing in 2024 related to seven Sea1 Offshore vessels has been repaid. Existing loans with longer maturities have been repaid by USD 20m and amended to remove restrictions and undertakings imposed on the Company in the 2021 restructuring. Two new credit facilities are in place.
 
Sea1 Offshore flåte:
Siem Amethyst
Siem Aquamarine
Siem Emerald
Siem Ruby
Siem Sapphire
Avalon Sea
Siem Atlas
Siem Giant
Siem Dorado
Siem Spearfish
Jodies Resolution
Siem Helix 1
Siem Helix 2
Siem Maragogi
Siem Marataizes
Siem Pendotiba
Siem Piatã
Sea 1 Offshore nybygg:
Siem TBN
Siem TBN
Sea1 Offshore Management:
Brage Viking
Magne Viking
Loke Viking
Odin Viking
Njord Viking
Andreas Viking
Siem Offshore/Aurora Management:
Siem Opal
Siem Pearl
Siem Topaz
Siem Stingray
Siem Pilot
Siem Pride
Siem Symphony
Siem Thiima
Siem Barracuda
Kva med desse to - Eier/Management?:
Siem Day
Siem Challenger
 
Fra LinkedIn sidene til Aurora Offshore

Aurora Offshore AS are delighted to welcome Siem Pearl and Siem Challenger to our fleet. The two vessels have changed management to Aurora Offshore with the process being completed at Harøy, Norway for Siem Pearl and in Aberdeen on the Siem Challenger. These two vessels are the first two of a fleet of 11 vessels that will transfer over to Aurora Offshore as a part of our new collaboration with Siem Offshore and Siem Oil Services Invest. These quality vessels will be a great addition to our growing Anchor Handling fleet and allow us to offer more solutions to our customers. We wish the vessels and crew members the very best success under their new management in Aurora Offshore.

Both vessels are currently working in the North Sea spot market and are soon available in the market again for work.

As a reminder the vessels have the following brief specifications:

"Siem Pearl"
Anchor Handling Tug Supply
Built 2009
Design VS491 CD
Bollard Pull 285t
BHP 28.000
Accommodation 60
DP2
800 M2 Deck Space

"Siem Challenger"
Anchor Handling Tug Supply
Built 2009
Design: Havyard 842
BHP 16.000
Bollard Pull 208t
DP2
FiFi I
530m² deck space

"Siem Pearl"
SIem Pearl.jpg

"Siem Challenger"
Siem Challenger.jpg
Begge foto: Ukjent via Aurora Offshore
 
Fra LinkedIn sidene til Aurora Offshore for et par dager siden

Today Aurora Offshore AS welcomes the first of three high-end Subsea vessels to the Fleet with the takeover of the Siem Stingray completed in Haugesund. The Change of Management process has gone extremely well with great help from the Vessel´s crew and Aurora team on board.

The Siem Stingray is a state of the art Subsea vessel built in 2014 and has a 250t AHC Crane, 1300m2 Deck Area and Accommodation for 110 People. The vessel is currently on long term contract with Subsea 7 and we thank them for allowing us to complete the Management takeover in between work scopes.

The weather in Haugesund was even nice enough (in January!) for a quick test of the vessels FRC where they were able to capture this amazing photo of the vessel showing all her qualities.

We wish the Siem Stingray and her crew members the very best success under their new management in Aurora Offshore.

"Siem Stingray"
Siem Stingray.jpg
Foto: Ukjent via Aurora Offshore
 
Fra LinkedIn sidene til Aurora Offshore igår

It has been a very busy week for Aurora Offshore AS but pleased to achieve 3 Vessel Management take overs in 1 week.

The Siem Stingray was completed in Haugesund earlier this week and the Siem Opal and Siem Symphony followed soon after with completion in Bergen today.

The Siem Opal is a high-end AHTS vessel built in 2011 with 305t Bollard Pull, 800m2 Deck Area and accommodation for 60 people and the Siem Symphony is a 2014 built environmentally friendly Dual Fuel Battery Hybrid PSV with 900m2 Deck area.

The Change of Management process has gone extremely well on all vessels which is a great credit to the Vessel crews and the Aurora takeover teams on board. Both vessels are now available in the North Sea market again therefore please direct any future requirements you may have to chartering@auroraoffshore.com.

We wish the Siem Opal and Siem Symphony and their crew members the very best success under their new management in Aurora Offshore.

"Siem Opal"
Siem Opal.jpg

"Siem Symphony"
Siem Symphony.jpg
Begge foto: Ukjent via Aurora Offshore
 
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