Kristian Siem has struck a deal to exit Siem Offshore and leave fellow Norwegian tycoon Christen Sveaas with control of the company.
Oslo-listed Siem Offshore announced after the close today that it had sold nine vessels to a private Siem company in a transaction that will see its chairman depart.
“The company has two major shareholders with different values, culture and objectives,” Kristian Siem said in a statement to the Oslo Stock Exchange.
“Clear focus in the direction of the company’s organisation is essential for results.”
Siem added that he has 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,” he added.
“My hope is that the new leadership will stay on a steady course and I wish the company and all my past colleagues well.”
Siem, who had been the largest shareholder in his namesake company, will take with him three anchor-handling tug supply units, four platform supply vessels and two offshore subsea construction vessels, in exchange for his 35% stake in the public company.
He will also take over $117.5m of debt on the vessels. Siem Sustainable Energy will be the new owner of the units.
“Mr Siem and the other main shareholders of the company have decided to split the company’s assets according to their current ownership,” Siem Offshore said.
“The parties have reached an amicable agreement, supported by a vast majority of the company’s shareholders.”
TradeWinds has contacted Siem for comment.
| Vessel | Size | Built |
| Siem Barracuda | 120 loa | 2013 |
| Siem Stingray | 120 loa | 2014 |
| Siem Opal | 28,000 bhp | 2011 |
| Siem Pearl | 28,000 bhp | 2009 |
| Siem Topaz | 28,000 bhp | 2010 |
| Siem Pilot | 5,000 dwt | 2010 |
| Siem Pride | 5,500 dwt | 2014 |
| Siem Symphony | 5,500 dwt | 2014 |
| Siem Thiima | 5,500 dwt | 2016 |
A move to split the fleet is not unprecedented in Norwegian offshore shipping circles. Rem Offshore and Solstad Offshore took a similar path to end a long-running standoff some years ago.
In March 2022, Sveaas became the second-biggest shareholder in Siem Offshore with a stake of 33.32%, just behind Siem on 33.6%.
Sveaas, via his investment vehicle Kistefos, has also been fighting Kell Inge Rokke in a bitter public battle for control of Solstad, which has been headline news in their native Norway.
Arne Blystad’s Songa Capital is the third-largest investor in Siem Offshore with 6.7%. Magnus Roth is next with a little over 3%.
