Shielded wires can be spliced, but must be done with care so as to insure there is no short between the wires. The easiest way to do this IMO is to "push back" the shield a fair ways after striping to allow a piece of shrink wrap to be slid over one of the center wires. The center wires are then spliced and in this case must be lightly soldered before the heat shrink is slid over the splice and shrunk. (I don't want to hear about no solder joints in an airplane

).
The shields are then slid back together and sort of "hand woven" back together. A larger piece of heat shrink is then slid over the entire cable and shrunk. Since this joint is not as prone to vibration as a wire soldered to a fixed plug etc and the external shrink tube is acting like a damper, there should not be a large problem with the joint failure.
Having said all this, for the price of the wire and the short amount needed, I would opt for a single, jointless wire. Just my experience.
Larry