Further, the Board of Directors will propose to the AGM that the name of the holding company of the group be changed from Siem Offshore Inc to Subsea 7 Inc.
CEO Magne Kristiansen comments: "I see this as a natural and logical development for the Company following the successful acquisition of all the shares in Subsea 7 and the size and importance which Subsea 7 represents within the group".
Chairman Kristian Siem comments: "This reorganization is a rational consequence of the core focus on Subsea 7, and is right for the Company. I thank Magne Kristiansen for his excellent administration of the Company during five challenging years and for his contribution in the reorganization of the Company."
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