Siem Offshore Names New CFO

Norwegian offshore vessel operator Siem Offshore has named a replacement for its departing CFO Dagfinn B Lie.

Two weeks ago, Siem Offshore said that Dagfinn B Lie would resign as CFO in the company, but it didn't at the time say who would be the next CFO.

However, on Wednesday, July 14, Siem Offshoresaid Vidar Jerstad would be its CFO effective from of August 1, 2021. He will also be a member of the Management Team in Siem Offshore from the same date.

Jerstad has been employed as Finance Director in Siem Offshore since 2017.

"He has extensive experience from various positions in finance area in Nordea and he will be an excellent contribution to our company as our new CFO," Siem Offshore said.

Vidar Jerstad holds an Executive Master of Business Administration (MBA) and is an Authorized Financial Analyst (AFA/CEFA) from the
Norwegian School of Economics (NHH).

In June, Siem Offshore sold two AHTS vessels Siem Garnet and Siem Diamond for further trading outside the offshore shipping industry. 

The company said at the time its objective was to reduce debt, and that surplus cash after debt repayment on the two vessels sold would be used for additional debt repayment on the 8 remaining AHTS vessels in accordance with the restructuring plan agreed with its secured lenders in May.