OSV industry: Kristian Siem’s hint

Apr 18, 2024 | QUICK TAKES

Siem Offshore recently announced that Kristian Siem would acquire 9 OSVs from the fleet. They include 3 AHTSs, 4 PSVs, and 2 OSCVs. Average age of the vessels is 11 years.
The vessels will be transferred in exchange of Siem’s 35% stake in Siem Offshore and the assumption of $118m of debt, implying a value of a bit less than $400m. It means c$44m per vessel.

Tidewater owns 195 similar vessels (same age). At $44m apiece, Tidewater’s fleet is worth c$8.5bn, tanslating into a per share value >$150. Today it trades below $100.

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