Siem Offshore posts first-quarter profit on the back of subsea construction vessels

Siem Offshore’s fleet of offshore construction vessels lifted the Oslo-listed company back to profit in the first quarter of 2022.

The Kristian Siem-backed company reported a $6.6m profit for the first three months of the new year, up from a $9.6m loss for the same period last year, and helped by revenue from its offshore subsea construction vessels and wind turbine installation vessels shooting up nearly 60%.