Kristian Siem pivots Siem Offshore towards renewables with $88m takeover offer

Norwegian tycoon Kristian Siem is looking to buy out all other investors in Siem Offshore as he positions the shipowner more towards renewables.

Oslo-listed Siem Offshore said in a filing that Siem Renewables will make an offer for the owner of offshore vessels that will cost about $88m at Tuesday’s share price.

Siem Renewables is a shell company owned by Siem Industries and will change its name to Siem Sustainable Energy (SSE) if it succeeds in bringing in Siem Offshore as a subsidiary.