Siem Offshore acquires 50 per cent of SecundaCompany News // September 10, 2013
Siem Offshore and Birch Hill Equity Partners have entered into an agreement whereby Siem Offshore has acquired 50 per cent ownership in Secunda Canada LP at a purchase price of C$16.25 million, which was paid in cash.
Secunda has more than two decades of offshore experience serving the oil and gas industry and currently owns and operates a fleet of six offshore support vessels on Canada’s east coast.
Secunda has a total of 170 employees (onshore and offshore) and has offices at St John’s and Halifax.
The management team is represented by:
• Idar Hillersøy, President & Chief Executive Officer
• Sam Amendola, Chief Financial Officer
• Darrell Sheppard, Vice President Operations
• Colleen Alexander, Director Human Resources
• Chris Pitts, Director Business Development
The current Board of Secunda is represented by:
• Paul Henry, Chairman
• John MacIntyre, Director
• Bill Stedman, Director
• Dean MacDonald, Director
• Johan Koss, Director
The Parties have agreed that each party shall have an equal Board representation in Secunda.
Birch Hill established Secunda in March 2012 following an asset transaction. The 2012 financial statements for Secunda, covering the period from March – December 2012, includes revenues of C$33.4 million and an operating margin of C$7.8 million. Total asset was C$60.6 million at 31 December 2012. Shareholder equity was C$27.8 million.
Siem Offshore said ownership in Secunda "will give Siem Offshore a strategic position in Canada’s east coast offshore sector. The aim is to grow the business of Secunda and also to develop Siem Offshore’s current business through the position represented by Secunda."