Siem Industries is a diversified holding company that operates through its autonomous industrial subsidiaries and affiliates that are engaged in the oil and gas services industries, ocean transportation and shipping industries. satellite positioning and navigation services, potash-mining, ethanol processing and distiller’s grain production and financial investments.
Our strategy is to focus on long-term growth rather than on short-term results. We have a history of active participation in the consolidation and restructuring of different industries including the offshore drilling industry (Wilrig ASA, Transocean), the subsea construction industry (Subsea 7), the reefer shipping business (Star Reefers) and the passenger cruise industry (NCL, Norwegian Cruise Line).
The Company’s main subsidiaries and investments include Subsea 7 S.A. (20.9% ownership), Siem Offshore Inc. (33.7%), Siem Shipping Inc. (d/b/a STAR Reefers Inc., 73.5%), Siem Car Carriers (100%), Siem Capital AB (64%), Siem Investments Inc. (100%), Deusa International GmbH (49%), Veripos Inc. (21%), GTL Resources Limited (beneficial 45%) and Deep Seas Insurance Limited (51%).
For the six months ended 30 June 2012, the Company reported consolidated net income attributable to Common Shares of USD220.1 million, or USD14.42 per share. For the comparative six months ended 30 June 2011, the Company reported consolidated net income of USD27.9 million, or USD1.82 per share. At 30 June 2012, shareholders’ equity was USD2.0 billion.
For the fiscal year ended 31 December 2011, the Company reported a consolidated net loss attributable to Common Shares of USD(20.6) million, or USD(1.34) per share. At 31 December 2011, shareholders’ equity was USD1.8 billion.