As part of a recapitalization of Secunda, Norway’s Siem Offshore has acquired Birch Hill’s 50 percent ownership interest in Secunda Canada.
With this transaction, Siem Offshore becomes the 100 percent owner of Secunda Canada. The acquisition will not have a significant cash flow effect for Siem Offshore, according to a company statement.
In addition, Siem Offshore reported Wednesday that the AHTS vessel Avalon Sea was successfully delivered from Remontowa Shipyard to Secunda Canada LP May 12. The vessel is specially designed and equipped for Canadian waters and will go on a six year contract with an international oil company before June 1.
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