Siem Offshore merges with Rovde ShippingNews // September 15, 2005
Siem Offshore Inc and Rovde Shipping AS in Norway have announced that they have entered into a conditional agreement to merge.
The proposed merger will take the form of the issue of 37,139, 024 shares in Siem Offshore to shareholders in Rovde Shipping AS.
Under the terms of the merger, Rovde Shipping will be responsible for the operation of the six PSVs that are currently under construction for Siem Offshore at Aker Yards.
In a statement, the companies said the merger was undertaken with a view to building a larger company with economies of scale and market strength.
The agreement is conditional upon approval by the Norwegian Ministry of Finance of an application for a certain form of tax treatment for the Rovde shareholders.