Subsea 7 Takes Steps to Allow Vessels to be Used in US Waters
UK oilfield services firm Subsea 7 announced Tuesday that it has taken measures that will see its vessels capable of being uses for energy development-related projects in US waters. The measures are designed to enable the company to meet requirements applicable to non-US companies operating vessels in US waters.
Included within requirements is that Subsea 7's board of directors, which has ultimate control over the firm's vessels, cannot under any circumstances be itself controlled by a majority of US citizens. Consequently, the board has had to reduce the number of US directors on its board from three to one.
This has meant that two directors who are both US citizens – Robert Long and Allen Stevens – have agreed to stand down as directors and have resigned with immediate effect. The two men will remain members of the Subsea 7's compensation committee as well as other committees.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Subsea 7 Shares Surge On Special Dividend, Q4 Earnings Beat (Mar 02)
- Subsea 7 Takes Delivery of New Vessels (Feb 02)
- Report: Oil, Gas Companies in Aberdeen Face Tax 'Bombshell' (Dec 19)