Kristian Siem-backed Siem Offshore is asking banks and bondholders to help it through what it views as a prolonged downturn in the OSV market.

The Oslo-listed company, with a fleet of 54 ships, said it is also in talks over a possible sale of its cable-laying business.

It has issued a request to lenders for instalment relief and certain other changes to its loan facilities to ensure it is able to service debt obligations through the slump.