Subsea 7 expands in offshore renewables

Both Siem companies are wholly owned subsidiaries of Siem Offshore Inc. Subject to approval from Germany’s competition authorities, Subsea 7 will acquire the entire share capital of Siem Offshore Contractors, the inter-array cable layer Siem Aimery and the support vessel Siem Moxie. The acquisition will expand Subsea 7’s presence in the offshore renewables sector.
The acquisition price of EUR 140 million is subject to adjustments for working capital and net cash in Siem Offshore Contractors, as well as a deferred contingent consideration based on the contracted volume of work achieved in each year up to 2024. This is not expected to exceed EUR 40 million over the period. The deal is expected to be completed within the first half of 2018 and Siem Offshore Contractors’ financial results will be consolidated within Subsea 7’s Renewables and Heavy Lifting Business Unit.