revenue usd 1,000 415,309
Operating margin, USD 1,000152,897
Vessels in operation 43
Highlights for the First Quarter
- Concluded the sale of the 1999-built PSV “Siem Supplier”.
- Cancelled a shipbuilding contract for the 4th and final dual fuel PSV due to delay in delivery. The Company has been repaid all pre-delivery instalments made under the contract, including interest.
- Secunda Canada LP, a wholly-owned subsidiary of Siem Offshore Inc., announced that a major Canadian customer has extended a 4-year firm contract with five 1-year options utilizing a vessel from the North Sea region.
Highlights tor the Second Quarter
- NOK 190 million Rights Issue successfully completed in June.
- Secunda Canada LP, a wholly-owned subsidiary of the Company, agreed a 2-year contract, plus 12 monthly options, for the anchor-handling tug supply vessels (AHTS vessels) “Burin Sea” and “Trinity Sea”.
- Several medium term charter parties agreed for AHTS vessels, PSV vessels and OSCV vessels.
- Siem Offshore acquired 49% of Siem Meling Offshore DA (SMODA) to increase its ownership to 100%. As part of the transaction, the vessel “Siddis Mariner” was sold. SMODA will continue its ownership of the “Siem Pilot” which commenced a 4-year firm contract offshore Canada during July 2017.
- The Company’s Board of Directors appointed Bernt Omdal as chief executive officer with effect from 15 May 2017.
- Conducted a periodic review of vessel values and recorded aggregated impairments of USD 70.8 million, which is a result of reduced vessel utilization arising from excess capacity.
Highlights for the third quarter
- Completed the sale of the Brazilian-based defense business, Consub Defesa e Tecnologia S.A.
- Established a stand-alone AHTS vessel company, Siem AHTS Pool AS (“SAP”), holding ownership in 10 AHTS vessels and in which Siem Offshore holds a 78.16% interest.
- Recorded a USD 5.0 million impairment on technology in a subsidiary.
Highlights for the fourth quarter
- Agreed a 2-year bareboat contract with options for the vessel “Siem Stingray”.
- Agreed a 1-year extension for the well stimulation vessel “Big Orange XVIII”.
- Agreed a 1-year contract for the vessel “Siem N-Sea”.
- Agreed a 6 month contract for each of the vessels “Siem Atlas” and “Siem Giant”.
- Conducted a review of vessel valuations and long term receivables and recorded aggregate impairments of USD 61.7 million.