Siem Industries takes over FSG

Siem Industries is a globally operating corporation with diversified industrial interests, which can be mainly found in the five industrial areas oil and gas services industry, transport of refrigerated cargoes and automobiles, potash-mining, finance and Swedish industries. The Siem Group of companies (including subsidiaries and affiliates) operates 145 vessels and owns a controlling interest in Siem Offshore, one of the most successful offshore shipping companies, and the oil service company SubSea 7.
Peter Sierk and Frank Bywater, the two managing directors of FSG, welcome the recent developments. To them it is a necessary step in the right direction. “We are very glad about the new perspectives that open up, as a consequence of this decision.
We welcome Siem Industries on board: This time not as a client, but as the new and rightful owner of FSG. This means a great chance for all of us – the shipyard and its employees.”
With the take-over, Sierk and Bywater expect the FSG to get further established and to hold a stronger position in the offshore market.
The transaction is still subject to certain conditions, and is expected to close at the end of October.