About the Siem Industries Group
Siem Industries Inc operates as a diversified industrial holding company with current main interests in four industrial areas; the oil and gas services industry (Subsea 7 Inc. and Siem Offshore Inc.), the ocean transport of refrigerated cargoes (Star Reefers Inc) and automobiles (Siem Car Carriers Inc and Partner Shipping AS), Swedish industry through Siem Capital AB and salt mining in Germany through Deusa International GmbH. Further, the Group has smaller holdings within shipping and other segments.
The Company was formed in 1980. The Group traces its history back to the 19th century. The Company is incorporated in the Cayman Islands, and has executive offices in George Town, Cayman Islands. A subsidiary, Siem Kapital AS, has offices in Oslo, Norway, and another subsidiary, Siem Capital UK Ltd, has offices in London, United Kingdom.
The Company has approximately 500-700 shareholders. It was listed on the Oslo Stock Exchange until 1999 and on the American Stock Exchange until 1998. The Sero Trust is the largest shareholder of the Company with 57.0% of the share capital.
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The Siem Industries GroupSiem Industries Inc. is a diversified industrial group with its main areas of activity within the oil and gas service industry and the ocean shipping industry. The company's main subsidiaries and investments include Subsea 7 Inc. (45% ownership), Siem Offshore Inc.(34%), STAR Reefers Inc. (73%), Siem Car Carriers Inc. (100%), Partner Shipping AS (50%), Siem Capital AB (64%), Siem Investments Inc. (100%), Deusa International GmbH (49%) and Deep Seas Insurance Limited (51%). At the end of 2009, the Group had 115 vessels and 6,700 employees, including seafarers.
For the second quarter ended 30 June 2010, the Company reported consolidated net income of USD11.2 million, or USD0.73 per share. For the six months ended 30 June 2010, the Company reported consolidated net income of USD21.0 million, or USD1.37 per share. At 30 June 2010, shareholders' equity was USD1.26 billion.
For the first quarter ended 31 March 2010, the Company reported consolidated net income of USD9.8 million, or USD0.64 per share.
For the year ended 31 December 2009, the Company reported consolidated net income of USD131.0 million, or USD8.53 per share, and shareholders' equity of USD1.16 billion. For the fourth quarter ended 31 December 2009, the Company reported consolidated net income of USD7.6 million, or USD0.50 per share.
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