Kristian Siem is out as chairman of Siem Offshore and Christen Sveaas is in.
The Oslo-listed company said in a stock exchange filing on Wednesday that a new board of directors elected Sveaas as chairman.
Sveaas, the magnate behind investment firm Kistefos, came to an agreement with Siem in April to take over the shipowner, flipping nine vessels in Siem Offshore’s fleet in return for Siem’s leading stake.
In his exit note, Siem noted that he and Sveaas have “different values, culture and objectives”.
“My job is completed, and I hand over to other owners,” he said in April. “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 vote follows Tuesday’s annual general meeting, in which Fredrik Platou and Orjan Svanevik joined the board and Celina Midelfart was re-elected.
Platou is chief executive of the Blystad Group. Svanevik is the interim chief executive of Kistefos-backed Western Bulk.
Before the deal, Kristian Siem’s Siem Sustainable Energy had a stake in Siem Offshore nearing 35%, followed by Kistefos’ 33.3% position taken in March 2022.
Kistefos controls 80% of Sweden-registered Viking Supply Ships, an anchor handling tug supply vessel specialist.
It has also threatened legal action against Solstad Offshore for the NOK 13.2bn ($1.2bn) refinancing deal in which Kjell Inge Rokke’s Aker Capital took a 57% stake.
Kistefos alleges it attempted to negotiate a different agreement, but Solstad Offshore disputed that in a letter to shareholders, arguing that it reached out twice on the status of vessels.
