Siem Offshore Inc. (the “Company”) has agreed to sell 9 of its vessels (Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima) to the major shareholder Siem Sustainable Energy S.a r.l and related companies (“Siem”) in exchange for 35% of the Company’s shares. Siem will thereafter cease to be a shareholder in the Company and Kristian Siem does not offer himself for election at the annual shareholders meeting scheduled to be held on the 7th of May 2024.

The 9 vessels are 3 AHTS, 4 PSV and 2 OSCV. The vessels will be transferred to Siem as soon as practical and before 1 July 2024. Siem will assume $ 117.5 mill of existing vessel debt as part of the transaction.

The Company will continue to manage the 9 vessels under industry standard ship management agreements for a minimum period of one year.

Kristian Siem, Chairman of the Company commented on the transaction:
“The Company has two major shareholders with different values, culture and objectives. Clear focus in the direction of the Company’s organisation is essential for results. There are several ways forward which may serve the Company well, but only one avenue can be chosen and only one party can hold the helm. I have spent the past 30 years building the Company with an effective organisation which enjoys a high reputation. My job is completed and I hand over to other owners. I thank all the people in the Company, on shore and offshore, for their contribution to this journey, for their loyalty to the Company’s long term interest and for the pleasure it has been working together. My hope is that the new leadership will stay on a steady course and I wish the Company and all my past colleagues well.”

The Company would like to thank its founder, Mr. Kristian Siem, for his long-standing tenure as Chairman of the Board. Mr Siem has been instrumental in the prosperous development of the Company, not least enabled with the support from Siem Industries Group during challenging times. His contributions are highly valued and have provided the Company with a strong platform to take advantage of the many opportunities ahead. Mr. Siem and the other main shareholders of the Company, have decided to split the Company's assets according to their current ownership. The parties have reached an amicable agreement, supported by a vast majority of the Company's shareholders.

Contact: Kristian Siem, ks@siemindustries.com

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 in the Norwegian Securities Trading Act.