Siem Industries is poised to grow its stake in Subsea 7 by up to 19% by mid-2021, after putting an over-the-counter option structure in place.
If the group exercises all its options, its stake in the Oslo-listed offshore support vessel and subsea contracting group will increase to 28.5% or 85.4 million shares in total.
The put-and-call option structure consists of 10 separate legs with different numbers of underlying Subsea 7 shares.
The first leg, which expired on Friday, represents a bought put for 1.14 million shares at a price of NOK 90 each or NOK 102.6m ($11.4m) in total.
Two of the legs represent bought calls for a total of 698,000 shares, and seven of the legs represent sold puts for an aggregate of nearly two million shares.
The legs have different strike prices of between NOK 76 and NOK 94 per share and expire at regular intervals from this month until May 2021.
Kristian Siem is chairman of both Siem Industries and Subsea 7 and recent months have seen him taking an even more hands-on role in the OSV companies he controls.
At the end of July, he returned as chairman of Siem Offshore's board, replacing Eystein Eriksrud, who stepped down.
