revenue usd 1,000 422 449
Operating margin, USD 1,000 118 548
Vessels in operation 43
Highlights for the first quarter
- Contracts for four of the AHTS vessels operating in Brazil were not renewed by the Petrobras Board.
- Signed USD 350 million loan and guarantee facility for two new well-intervention vessels (“WIVs”) under construction in Germany.
- Agreed a one year contract with Petrobras for the PSV “Siem Giant” with commencement latest September 2015.
- Debt financing obtained for the three dual-fuelled PSVs under construction in Poland.
- The financial close for the Nordsee One offshore wind farm was reached.
Highlights for the second quarter
- The Company’s Board of Directors approved a USD100 million Rights Issue, which was subject to the approval of an increase in the Company’s share capital by its Shareholders, as part of its Finance Plan. The Company’s largest shareholder, Siem Europe S.a r.l., had fully-underwritten the Rights Issue.
- Agreed a 6-month contract with options for the PSV “Siem Pilot”.
- Agreed sale of the PSV “Siem Sasha” to Siem Offshore Ghana International AS, a company owned 51% by Siem Offshore.
- Reached a new agreement with Daya Materials Berhad for the sale of the Offshore Subsea Construction Vessel (“OSCV”) “Siem Daya 1” for USD120 million and a profit-split limited to an additional USD10 million.
- Entered into a 5-year charter for the OSCV “Siem Marlin” commencing in September 2015 with purchase options available after each of first 4 years and a purchase obligation at end of charter.
- Conducted a review of vessel valuations and elected to record impairments of an aggregate USD56 million on certain vessels.
- Placed two AHTS vessels in lay-up at the end of the second quarter.
- SOC was awarded a turnkey supply and installation contract for the inner array grid cable system for the Veja Mate Offshore Windfarm project. The marine installation works are scheduled to commence in 2016.
Highlights for the third quarter
- The Board of Siem Offshore Inc. appointed Idar Hillersøy as Chief Executive Officer of the Company with effect from 1 August 2015.
- USD 100 million Rights Issue successfully completed and new registered share capital is USD 8,420,213.80, corresponding to a total of 842,021, 380 shares with a nominal value of USD 0.01 per share.
- Received notice of early termination for the vessel “Siem Carrier” due to Petrobras inability to obtain operating license for the vessel.
- Agreed with Petrobras to terminate the contracts for three smaller Brazilian flagged supply/crew vessels.
- Extended contract for the R/V “JOIDES Resolution” to Texas A&M Research Foundation (TAMRF) until 30 September 2016. TAMRF has further options to extend the charter until 30 September 2023 on an annual basis.
- Siem Europe S.a r.l. announced a mandatory offer to the shareholders of the Company at an offer price of NOK 1.80 per share.
Highlights for the fourth quarter
- Completed the sale and delivery of the offshore subsea construction vessel (“OSCV”) “Siem Daya 1” in fourth quarter and a recorded a gain of USD16.6 million.
- Agreed 145-day term contracts with options for two Platform Supply Vessels (“Siem Sasha” and “Sophie Siem”) with an international oil company.
- Agreed a 9-month term contract with 2 x 6 month options for the AHTS vessel “Siem Amethyst” for operation in Australia.
- Agreed a 4-year bareboat contract for the vessel “Siem Hanne” for operation in Canada.
- Placed two AHTS vessels into lay-up in the quarter; the Company had five AHTS vessels and two large PSVs in lay-up at year end.
- Conducted a review of vessel values, capitalized equipment and investments in subsidiaries and recorded impairments of an aggregate USD 111.6 million.
- Completed Rights Issue for USD100 million in new equity.
- Recorded aggregate backlog for the Offshore Support Vessels (“OSV”) segment and the Industrial Segment for USD1.42 billion at the end of the fourth quarter.