Siem Offshore buys Birch Hill’s 50 pct stake in Secunda Canada
Norway’s Siem Offshore AS has acquired the 50 percent interest in Secunda Canada LP held by Birch Hill Equity Partners, a Canadian mid-market private equity firm. No financial terms were released for the deal, which resulted from a recapitalization of Secunda, an operator of harsh-weather offshore support vessels servicing the oil and gas industry. Secunda, which has offices in St. John's, Newfoundland and Dartmouth, Nova Scotia, was established by Birch Hill in March 2012, following the investor's buy of marine assets owned by McDermott International Inc. Siem Offshore acquired an initial 50 percent stake in the company in September 2013.
18 May 2016•2 mins read
