Siem Offshore, a Norwegian shipping company, has terminated discussions about the potential sale of its cable lay business Siem Offshore Contractors GmbH (SOC).
The discussions were held with Subsea 7 due to the strategic fit between Subsea 7’s renewables business and Siem Offshore Contractors’ cable business.
The company informed on November 20, 2017, that it is considering strategic alternatives for its cable lay business, but that there is no certainty that a transaction will take place.
Siem Offshore confirmed on Wednesday that the company will continue to operate SOC in the ordinary course of business.
In preparation for an extended downturn in the offshore supply market earlier this month Siem Offshore issued a request to its banks for installment relief and certain other changes to its bank loan facilities to ensure that the company is able to service its debt obligations through the downturn.
Subsea World News Staff