Siem drops cable unit sale
Talks with Subsea 7 terminated, business as usual for installation division
Siem Offshore has terminated discussions with Subsea 7 over the potential sale of cable lay business Siem Offshore Contractors.
The company said the talks were held “due to the strategic fit between Subsea 7’s renewables business” Seaway Heavy Lifting.
Siem Offshore said it will continue to operate Siem Offshore Contractors in the “ordinary course of business”.
High level talks had taken place between Siem and SHL in recent months about a strategic tie-up, as reported in the subscriber-only newsletter reNEWS last week.
Image: Siem Offshore