Norway’s Siem Offshore has sold the multi-role service vessel Seven Sisters to Subsea 7 for US $84m, with the vessel scheduled for handover in March this year.
The sales proceeds will be allocated to pay down debt of approximately $38m and to fund equity investments in a new-build program of four subsea construction vessels to be delivered between Q2 2013 and Q2 2014.
Oslo-listed Siem will record a gain of approximately $28m in Q1 2013 following the vessel sale. Siem is led by Norwegian investor Kristian Siem who is also the chairman of Subsea 7.
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