Siem Offshore Acquires Stake in Three Platform Supply Vessels

Siem Offshore and O H Meling & Co AS have entered into a Heads of Agreement whereby the Company will acquire from OHM a controlling interest in one vessel and two shipbuilding contracts.

The parties have agreed that subject to certain conditions, the Company shall acquire a shipbuilding contract for a PSV of MT 6000 design with a 70 ton crane currently under construction at Kleven Maritime AS to be delivered at year end 2006.

Further, the Company shall become a 51% shareholder in a ship-owning company which will own a PSV of VS 470 mk II design, built in 2004, and a shipbuilding contract for a PSV of VS 485 design, to be delivered from Karmsund Maritime Services AS in June 2007. The remaining 49% of the ship-owning company will be owned by OHM and affiliated parties.

O H Meling & Co AS will continue to operate the jointly owned vessels, while Siem Offshore will have the overall chartering responsibility.

The Company's ownership in the above-mentioned vessel and shipbuilding contracts represents an investment of approx. NOK 500 million.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Mudlogger - NE Region
Expertise: Mud Logging
Location: Pennsylvania, PA
Equipment Operator - San Antonio
Expertise: Coil Tubing|Driller|Production Operator
Location: San Antonio, TX
Pump Operator San Antonio
Expertise: Coil Tubing
Location: San Antonio, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours