Holding company Siem Industries has sold an expanded notes offering designed to buy back bonds in shipowner Subsea 7.

Kristian Siem's investment vehicle, which is the company’s biggest shareholder with 21.3%, has completed an issue worth EUR 250m ($279.54m), up from the EUR 200m target announced on Thursday.

The notes are exchangeable for shares in Subsea 7 and will pay interest of 1.5%