Siem AHTS Pool AS(“SAP”),  a subsidiary of Siem Offshore Inc which owns 10 large AHTS vessels, has agreed to sell two “Siem Garnet” and “SiemDiamond” to an independent third party. The vessels are sold for further trading outside the offshore shipping industry.

 “Siem Garnet”was delivered to the buyer today and “Siem Diamond” is scheduled for deliveryduring next week.

The Company’s objective is to reduce debt. This sale is done on market terms and at book values. Surplus cash after debt repayment on the two vessels sold will be used for additional debt repayment on the 8 remaining AHTS vessels in accordance with the restructuring plan agreed with our secured lenders last month. The debt in SAP will be reduced to USD 104.6 million.