Private Placement Siem Offshore ASA
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July 2010 – Private Placement Siem Offshore ASA
About the deal
In 2010 Bryan, Garnier & Co acted as sole manager to Siem Offshore on a NOK 350m private placement, representing 10% of the outstanding shares in the Company.
Terje Sørensen, CEO of Siem Offshore, commented: “We are pleased to see this equity issue in place and that the financing of the Brazilian new-building commitments announced in second half of 2009 is now completed. Moreover, some of the proceeds will fund commercialization and product development in the subsidiary Siem WIS and will enable us to seize growth opportunities that arise. We now have an even stronger foundation to further build this company as a leading operator of advanced deep-water service vessels to the offshore oil industry and to take advantage of opportunities that exist in the current business environment.”
Deal team
Ståle Schmidt | Managing Director | Head of Norway | Investment Banking | sschmidt@bryangarnier.com
Rolf Henning Lem | Director | Oslo | Investment Banking | rlem@bryangarnier.com
Håkon Benjaminsen | Director | Oslo | Investment Banking | hbenjaminsen@bryangarnier.com
About Siem Offshore
Siem Offshore is an operator of modern support vessels for the global oil and gas industry. The Group had 33 vessels in operation and 9 vessels under construction at the end of December 2010. The Company’s shares are listed on the Oslo Stock exchange.
About The investors
The private placement was directed towards professional international investors.