revenue usd 1,000 469 123
Operating margin, USD 1,000 128 295
employees 1 058
Vessels in operation 46
Highlights for the first quarter
- The Oil spill recovery vessel (“OSRV”) “Siem Marataizes” was delivered from a yard in Brazil and commenced an 8-year firm contract with options for Petrobras.
- Agreed a 18-month contract with options for the AHTS vessel “Siem Topaz” for operations in Australia.
- Siem Offshore Contractors was awarded a contract for the provision of a walk-to-work service operations vessel for the windfarm sector of the North Sea. The firm charter period is 700 days with options to extend the charter period by up to three additional years.
Highlights for the second quarter
- Agreed a 5-year term contract with 2 x 1-year options for one dual-fuelled PSV for operation in Australia.
- Extension of charter for the scientific research vessel “Joides Resolution” until 30 September 2019. The charterer has further options to extend charter until 30 September 2023 on an annual basis.
- Agreed a 6-month extension of the contract for the PSV “Siem Pilot”.
- SOC was awarded a turnkey supply and installation of the inner array grid cable system for the Beatrice Offshore Wind Farm project. The Company acquired 50% of Secunda Canada LP (“Secunda”) as part of the recapitalization of Secunda and increased its ownership to 100%.
- Secunda took delivery of the AHTS “Avalon Sea” from a yard in Poland in May and commenced a 6-year contract with an international oil company.
- Terminated charter party for the OSCV “Siem Spearfish” due to default by the charterer.
- Took delivery of the cable-lay vessel (“CLV”) “Siem Aimery” from a yard in Poland in April and commenced employment with Siem Offshore Contractors for project work within the submarine power cable installation, repair and maintenance segment.
- Took delivery of the first of two Well-Intervention Vessels (“WIV”) from a yard in Germany and commenced a 7-year contract.
Highlights for the third quarter
- Received approval from all of its financing banks for a financial platform to position the Company for the challenging market expected in the coming years.
- 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.
- Secunda was awarded 3-year term contracts plus options for two of its PSVs, the “Venture Sea” and the “Siem Hanne”.
- Sold and delivered the PSV “Siem Carrier”.
- Extended the bareboat contract for MV “Hugin Explorer” by 15 months to 1 July 2019 and agreed a purchase obligation by the charterer at the end of the period.
Highlights for the fourth quarter
- Siem Offshore Contractors (“SOC”) was awarded a contract for the transportation and installation of a portion of the inner array grid cable system of the Hornsea Offshore Wind Farm, Project One in UK waters. SOC was awarded a turnkey contract for the supply and installation of the inner array grid cable system contract for the Trianel Windpark Borkum II.
- Cancelled a shipbuilding contract with Remontowa S.A. in Poland for the 3rd dual fuel PSV in a series of four vessels due to delay in delivery.
- Took delivery of the second of two well-intervention vessels (“WIV”) built at a German shipyard and commenced a 7-year contract.
- Took delivery of the dual fuel PSV “Siem Thiima” from a Polish shipyard and the vessel commenced a 5-year contract with an international oil company for operation in Australian waters.
- Conducted a periodic review of vessel values, receivables and investments in subsidiaries and recorded aggregate impairments of USD 74.0 million.