Subsea 7 has agreed a deal to buy Siem Offshore Contractors for €140 million ($171 million) and has also posted higher profits for 2017, writes Josh Lewis.
The acquisition will be adjustable for working capital and net cash held by Siem Offshore and Subsea 7 will also pay a deferred contingent consideration, based on the contracted volume of work achieved in each year up to 2024, which it said was not expected to exceed €40 million.
