Strategic rethink at Siem Wis

Taking stock: Norwegian investor Kristian Siem

IDA VON HANNO BAST

Steve Marshall

 04 February 2013 16:10 GMT

Oslo-listed Siem Offshore is exploring strategic alternatives for its Siem Wis unit that could involve a sale of the business.

The subsidiary, owned 60% by Siem and 40% by Wellis, develops technology and solutions for managed pressure drilling and increased oil recovery services.

Siem, owned by Norwegian investor Kristian Siem, is reported to have pumped about Nkr200 million ($36.6 million) into the subsidiary for development of new technology, including a device placed on the drillfloor that enables constant circulation of mud during drillpipe connections.

With such technology coming to the commercialisation stage, the company is considering bringing onboard other investors at Siem Wis, a disposal of the unit as well as other options.

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