Ole Martin Siem

Year Inducted: 2009

Ole Martin Siem

From the base of AS Aker’s Mekaniske Verksteder, the Oslo shipyard founded in 1848, Siem created and became the CEO of the Aker Group in 1957 and became a pioneer in the building of super tankers in Norway.

His close relationship with the major oil companies in the US and their North Sea interests allowed him to embark upon a strategy of preparing the Aker shipyards for the future fabrication needs of the oil industry.

In 1960, he converted the whaling vessel Thorhovidi into a moored drill ship and renamed it Drillship. This experience moved the Aker Group into the construction of semi-submersibles of ODECO design which led to their own design of the Aker H3 semi-submersible which became a worldwide success.

After early retirement in 1970, he formed Saga Petroleum ASA and became its first president and later became the Chairman, President and CEO of Timex Corporation Inc. in the USA.

He received the Order of St. Olav of Norway, the Leopold Order of Belgium, and the High Order by the Shah of Iran.

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