Siem Offshore News

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

Kristian Siem, founder and longtime leader of Siem Offshore, is stepping down as chairman of the Norwegian offshore support vessel (OSV) firm after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.The company announced it has reached an "amicable agreement" to sell Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima to Kristian Siem's Siem Sustainable Energy S.a r.l and related companies in exchange for 35% of the company’s shares.The other major shareholder is Christen Sveaas' Kistefos…

Norwegian shipowner Siem Offshore has secured new contracts with TotalEnergies for two of its platform supply vessels (PSV) for work offshore Brazil.The contracts are for Siem Giant and Siem Atlas PSVs.The new duration for Siem Giant is three years firm with options up to four more years.For Siem Atlas, the new duration is nine months firm with options until the end of the second quarter in 2027.Both vessels will start the contracts in June 2024 in direct continuation of present contracts…

Norwegian offshore vessel owner Siem Offshore has been awarded a contract extension for the multi-purpose support vessel (MPSV) Siem Dorado.According to Siem Offshore, the extension secures the utilization of Siem Dorado MPSV for a period reaching towards the end of the fourth quarter in 2024.The contract is expected to start in direct continuation of the current contract with continued operations expected outside the North Sea.The Siem Dorado is a 2009-built diesel electric-driven vessel.

Oslo-listed offshore vessel owner Siem Offshore has secured long-term contracts with Helix Energy Solutions for two of its Siem Helix well intervention vessels.The contracts, valued at a total of $682 million, follow the letter of intent the companies announced in November 2023.The new contracts for Siem Helix 1 and Siem Helix 2, effective from January 1, 2025, and January 1, 2026, respectively, replace existing agreements and ensure firm utilization for these key vessels until at least 2030.With a duration of 6 years for each vessel…

Norwegian offshore vessel owner Siem Offshore has been awarded a contract extension for the multi-purpose support vessel Siem Dorado.The contract extension secures utilization for a period reaching towards the end of Q2 2024.The contract is expected to start in direct continuation of the current contract with continued operations expected outside the North Sea.Built in 2009, the Siem Dorado is a diesel electric-driven vessel. It is designed to meet the general offshore supply market with its 100-ton compensated offshore crane, designed for ROV and light construction duties.

The Norwegian offshore vessel Siem Offshore said Monday it had secured a contract extension for the AHTS Siem Topaz with a local client in Taiwan. The contract will start in direct continuation of the current contract, for a firm period reaching into Q4 2024. The vessel will continue to be employed within the offshore wind industry.Offshore Engineer reported back in March that Siem Offshore had secured a medium-term contract for the AHTS Siem Topaz for client Helix Robotics Solutions Inc.

Norwegian offshore vessel operator Siem Offshore has secured a medium-term contract for two AHTS vessels.Siem Offshore said Tuesday that the contracts were for its 2010-built Siem Aquamarine and 2011-built Siem Amethyst AHTS vessels.The company did not say who the client was exactly, however, it did say that the vessels would work for "a major operator" in Australia.The contracts, of an undisclosed value, are expected to start in late 2023.According to the vessels' AIS, as found on MarineTraffic, the Siem Aquamarine left Singapore last Friday, and is en route to Dampier, Australia.The Siem Amethyst is currently in Malaysia.

Ampelmann, a Dutch-based firm providing offshore access solutions, will soon be deploying a second gangway to support the construction of the Hywind Tampen floating wind farm in Norway.The first gangway, an E1000 system, was fitted to OSCV Siem Barracuda in early December. Ampelmann said Monday that the second Ampelmann gangway would begin its operations on the wind farm within the next six months.Maichel van Nauta Lemke, Ampelmann’s Business Developer for floating wind. ”We are…

Norwegian offshore vessel owner Siem Offshore has secured a medium-term contract for the AHTS Siem Topaz for client Helix Robotics Solutions Inc. in Taiwan. The contract will start during March 2023. The contract has a firm period reaching into the fourth quarter of 2023. Siem Offshore said the vessel would be employed for a project within the offshore wind industry. Financial details were no disclosed.According to AIS, Siem Topaz was in Dampier, Australia, Thursday morning, with its next destination set for Singapore. Helix Inks Long-term Charter for Glomar Wave

The Norwegian offshore vessel owner Siem Offshore has entered into a one-year firm contract plus options for the multi-purpose support vessel Siem Dorado with an undisclosed client. The contract will start in direct continuation of the current contract, and operations are expected to be primarily outside the North Sea.Built in 2009, the Siem Dorado is a diesel electric-driven vessel. It is designed to meet the general offshore supply market with its 100-ton compensated offshore crane, designed for ROV and light construction duties.

Norwegian offshore vessel owner Siem Offshore has secured a 4-6 month contract starting in the second quarter with BP in Canada. The battery hybrid PSV Siem Symphony will mobilize to Canada for the contract. Siem Symphony was last in Canada in 2019. Since then, the large platform supply vessel powered by LNG/MGO, has been upgraded with a 560kWh battery, which over the past year has reduced CO2 emissions by more than 1000t and saved more than 350m3 of fuel, Siem offshore said To date, Siem Offshore has installed batteries on four of its 28 vessels.

The Norwegian offshore vessel company Siem Offshore has entered into a new three-year contract for the OSCV Siem Stingray with Subsea 7.The contract will start in direct continuation of its current commitment.Subsea 7 plans to employ the vessel supporting its clients world-wide predominantly within the oil and gas sector undertaking projects within offshore construction and inspection, maintenance and repair (IMR).Separately, Subsea 7 this week announced vessel charters in the U.S. Gulf of Mexico with Otto Candies and Bordelon Marine. Read more here.

Norwegian offshore vessel owner Siem Offshore has secured a contract extension for one of its AHTS vessels in Canada.The extension is related to the Ice Class AHTS vessel "Avalon Sea," covering a firm duration of 18 months upon completion of the current term. The extension will ensure continued operations for the vessel well into Q2 2024. The 87-meter-long vessel was built in Poland's Remontowa Shipyard in 2015.According to MarineTraffic.com, the Avalon Sea left the Hebron platform in Canada's Atlantic and is currently an route to St. John's.

Norwegian shipowner Siem Offshore said it has secured contract extensions for two of its platform supply vessels (PSV) working for TotalEnergies offshore Brazil.Total E&P do Brazil has declared the first of two options for the PSVs Siem Atlas and Siem Giant, and both vessels are now firm until June 2023.Siem Atlas and Siem Giant are 4,700 dwt, 87.9-meter-long STX PSV 4700 vessels built in 2013 and 2014 respectively.

Norwegian offshore vessel owners Solstad Offshore, Siem Offshore, and Standard Supply have all secured offshore vessel contracts in the past few days.Solstad Offshore on Monday said it had secured a contract for the platform supply vessel Normand Swan in Australia. Solstad Offshore said the contract was for two years and with "a major energy company."The client will have additional extension options. The contract will start in September 2022. No financial details were shared.The Normand Swan is an 89-meter-long vessel built to Ulstein's PX 105 design back in 2014.

Norwegian offshore vessel owner Siem Offshore has secured a new contract for the offshore subsea construction vessel Siem Spearfish with DeepOcean. The contract for the 2014-built vessel will start in direct continuation of its current commitment, securing a firm utilization until the end of 2023. "The contract shows an increased appetite in the market to secure OSCV’s for longer periods," Siem Offshore said.DeepOcean plans to deploy the vessel to support its clients predominately…

Norwegian offshore vessel owner Siem Offshore has signed a new contract for the “Siem Sapphire” AHTS vessel for operations in Taiwan. "Delivery [of the vessel] has already taken place, and secures firm utilization well into the third quarter of 2022 plus options," Siem Offshore said.The scope of work consists of walk-to-work (“W2W”) operations for accommodation support in relation to the commissioning of an offshore wind farm. Siem Offshore did not say who the client was."This contract reiterates the strong demand from the offshore wind market…

Norwegian offshore vessel owners Solstad Offshore and Siem Offshore said Monday in separate statements they'd secured a contract for their offshore vessels.Solstad Offshore won a contract for its construction support vessel Normand Valiant with Brazil's Petrobras. Normand Valiant will provide accommodation services to support production activities on the Brazilian continental shelf. The charter is two years firm with an option of a two-year extension. The contract is expected to start in the second quarter of 2022.

Norwegian offshore vessel owner Siem Offshore has secured a contract with the compatriot oil and gas company Equinor for the Siem Opal anchor handling tug supply vessel.The contract is for a firm six-month period, starting during March/April 2022. Equinor will have extension options.""The scope of work consists of supporting the client’s various rig move activities during drilling campaigns," Siem Offshore said. The company did not share the financial details of the contract.Built-in 2011…

Norwegian offshore vessel operator Siem Offshore said Tuesday it had entered into a contract with an undisclosed "long-term client" in Australia for two platform supply vessels.The contract is for the PSV's “Siem Pilot” and “Siem Thiima”. The contract for “Siem Pilot” covers a firm period of 572 days plus options, while “Siem Thiima” has been awarded a 3-year firm contract plus options.Both contracts will start during the first quarter of 2022."After a short spell in the North Sea spot market, “Siem Pilot” will as such be mobilized to Australia, whereas “Siem Thiima” will continue its long-standing commitment for serving the same client…

Norwegian offshore vessel owner Siem Offshore said Monday it had signed a contract with an undisclosed client for operations in South East Asia for the Siem Barracuda offshore subsea construction vessel (OSCV), and an extension for OSCV Siem Stingray. The project will utilize the OSCV "Siem Barracuda" for a scope of work consisting of subsea preparatory work required for the construction of a new offshore wind farm. The contract has a firm duration of 5 months plus options and will start around year-end following the completion of the vessel’s current contract in the same region.Also…

Norwegian offshore support vessel owner Siem Offshore said Monday a Brazilian court had ruled in favor of Petrobras in a case related to a late vessel delivery in 2015."Siem Offshore do Brasil has been notified of the final unfavorable decision of a Brazilian court in a lawsuit filed against Petrobras. The case is related to late delivery of the vessel Siem Maragogi from yard back in 2015," the company said."A late delivery penalty charge was imposed by Petrobras on Siem Offshore do Brasil. The penalty charge has been accrued for in previous years’ accounts and will not have any impact on the Profit and Loss account for 2022. The unfavorable decision of the court will have a negative cash effect equivalent to USD 4.8 million…