Siem Offshore has terminated discussions regarding a potential sale of Siem Offshore Contractors GmbH (SOC), a specialist in submarine cable installation, repair and maintenance.
The discussions were held with Subsea 7 SA due to the strategic fit between Subsea 7’s renewables business and SOC’s cable business, Siem Offshore said.
Siem Offshore will continue to operate SOC in the ordinary course of business, the company said.
Earlier this month, Siem Offshore announced that the company was ”in talks with a potential buyer” of SOC as part of the company’s plans to prepare for ”an extended downturn in the offshore supply market.”
SOC’s operating revenues decreased from USD 84.9 million in the third quarter of 2016 to USD 10.3 million in the same period in 2017.
The cable specialist reported USD 87 million in gross revenues for the first three quarters of 2017, compared to USD 129.4 million recorded in the same period of 2016. SOC’s total backlog on 30 September 2017 was at USD 160 million.
SOC is currently working on inter-array cable connections at the Beatrice, Hornsea One and Trianel Windpark Borkum II offshore wind farms.