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Siem considers cable sale

Talks underway with potential buyer because of expected market ‘downturn’

Siem considers cable sale image

Siem Offshore is in negotiations with a potential buyer for its cable lay business Siem Offshore Contractors.

The company said the negotiations are part of “strategic alternatives” it is considering for the cable business and it is “not yet known” with any certainty whether or not the sale will take place.

Siem Offshore said it expects an “extended downturn in the offshore supply market” and has also issued a request to its banks for “instalment 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”. 

The company also plans to meet with its bondholders to consider a proposal where the bonds will be exchanged at 80% of par value to a convertible bond with five-and-a-half years maturity, 2% cash interest and a Nkr3 conversion price.

Image: Siem Offshore

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