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7 May 2025
EMGS Establishes new business platform within Subsea Construction through vessel acquisition – no equity required
Electromagnetic Geoservices ASA ("EMGS") has today announced that it establishes a new business platform within Subsea Construction through the acquisition of the Offshore Service Construction Vessel MV “Siem Day” through a bareboat transaction with a subsidiary of the Siem group. The “Siem Day” was until recently owned jointly by the Siem Group and Elliot via a partnership and is now wholly owned by the Siem Group. The Siem Group owns 33.1% of the shares of EMGS and is the largest shareholder.
Under the Transaction, EMGS will enter into a five-year bareboat charter agreement at a rate of USD 42,000 per day until 31 December 2025, increasing to USD45,000 per day thereafter. The charter includes purchase options exercisable at the third and fourth anniversaries of the charter commencement, as well as an unconditional purchase obligation at the end of the charter period. The total acquisition price of USD108.90 million is structured to minimize upfront cash outlay, with an initial payment of USD10.89 million due at charter commencement, and the remaining balance gradually offset against charter payments, culminating in a final payment at the time of purchase. The transaction will not require new capital from existing shareholders. The initial payment is expected to be financed through an increase of EMGS’s existing bond loan, where the two largest shareholders and bondholders have committed to fully underwrite the additional amount.
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23 February 2025
Siem Industries S.A enters into memorandum of understanding in respect of the merger of Subsea7 S.A.
Luxembourg, 23 February 2025 - With reference to the stock exchange notice related to the cross-border merger of Subsea7 S.A. and Saipem S.p.A, as announced by the companies involved in the merger, Siem Industries S.A has today entered into a memorandum of understanding (the “MoU”) with the controlling shareholders of Saipem, namely Eni S.p.A and CDP Equity S.p.A. The MoU will be replaced by a shareholders agreement which will be made available to all shareholders.
22nd November 2024
Siem Industries subsidiary, Seven Yield Holdings Pte has today reached agreement to acquire the MV Eurocargo Catania from the Grimaldi Group in Italy.
The 3,700 lane metre RoRo vessel was delivered by Odense Shipyard in Denmark in 2011.
She will be taken over in January 2025.
The vessel will fit well into the portfolio of RoRo vessels already controlled by the Siem Group.
19th November 2024
As new owner of Ramme, the Siem Group has today entered an agreement with Unike Hoteller for the management of Ramme Fjordhotell. Unike Hoteller will immediately commence working on including Ramme into its portfolio of hotels, with formal takeover on 1 January 2025.
Ramme is open for guests, overnight stays and functions.
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14th November 2024
Our subsidiary Siem Offshore A/S has today entered into agreements with Aurora Offshore A/S for the technical and commercial management of our OSV fleet.
The management change from Sea1 Offshore will take place during Q1 2025.
Siem Offshore A/S has agreed to acquire 40% ownership in Aurora Offshore A/S.
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