Siem Offshore Inc.

Presentation September 2009

CEO Terje Sørensen

Activities

• Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry

– 27 vessels in operation

– 13 vessels under construction

• Offices in Norway, Brazil, India, Nigeria and the Cayman Islands

• Number of employees 715 today, growing to 1100 in 2011

• Research and development of technology for the drilling and wellservice industry through Siem WIS AS and WellCem AS

Global focus and presence

• North Sea

• Brazil

• Gulf of Mexico

• North America

• Mediterranean

• Middle East

• West Africa

• Far East

Petrobras

Clients:Regions:

… and others

44

Technology investments

• Research and development of technology for the drilling and well service industry:

• Siem WIS AS: Solutions for managed pressure drilling

• WellCem AS: Solutions for plug and abondonment, lost circulationand zonal isolation

55

Siem Offshore – a part of the Siem Industries Group- Total Group fleet of 108 vessels

Web-sites: www.siemindustries.com, www.siemoffshore.com, www.subsea7.com, www.star-reefers.com

Board of Directors and Core Management

• Kristian Siem (Chairman)– Also the chairman of Siem Industries Inc. and

Subsea 7 Inc. He was a director of Transocean Inc. until 2008

• Michael Delouche– President and the Secretary of Siem Industries Inc.

He is also a director of Subsea 7 Inc.

• Richard England– Wide experience in the offshore industry, served as

the Managing Director of, among others, Overseas Towage Salvage Co. and Vickers Offshore Engineering Group

• Bjørn Johansen– Experience from various positions at Fred. Olsen &

Co. in Fred the tanker engagements and in the offshore sector

• David Mullen– Current CEO of Ocean Rig ASA. Past experience,

among others, as Senior Vice President of Transocean Inc. and as President of Schlumberger Oilfield Services, North and South America

• Ulf Sørdal– Business lawyer and currently a partner in the

Norwegian based law firm Steenstrup Stordrange.

Directors Core Management• CEO Terje Sørensen

– Previously CFO of the former Siem Offshore

Inc. (now Subsea 7 Inc.)

• COO Lars Bruun– Broad experience from the Acergy Group as

Regional Operations Manager

• CCO Christian Berg– Past experience as General Manager of

Promarine Ltd. Christian Berg is a Master

Mariner with experience from various offshore

and onshore positions

• CFO Dagfinn Lie– Past experience from Wallenius Wilhelmsen

Logistics and ABB Offshore

• HR Terje Løvoll– Past experience as Vice President HR in Rolls-

Royce Marine. and from the Royal Norwegian

Navy, Fugro-Geoteam, and the Oslo Police

Headquarter

• QHSE Inger-Lise Amrandi– 20 years and has extensive experience within quality

assurance, health, safety and environment

77

Siem Offshore – Reorganisation

• Fleet ownership moving to Norway

• Tonnage tax

• Tax treaties

• Migration to Norway under review

Vessel categories and work roles

MRSVPSV AHTS

• Pre-laying of anchor systems

for semis

• Anchor handling for semis in

deep water

• Towing and mobilisation of

semis and FPSOs

• Chain work and inspection

FPSOs

• Ploughing and trenching

• Inspection repair and

maintenance, Subsea

installation

• General supply service

• ERRV services, Oil Recovery,

FiFi

• Subsea construction support

• ROV operations

• Diving support

• Supply duties

• Inspection, repair and

maintenance of subsea

installations

• Transport supplies to and

from offshore installations

• Deck cargo, containers and

pipes

• Dry and liquid products in

underdeck tanks

• Also utilised as ROV-support

vessels, seismic vessels, well

stimulation vessels

Main players AHTS>20,000BHP

16

86 6

4 4 4 4 3 3 2 2 2 2 2 2 1 1 1

2

0

2

4

6

8

10

12

14

16

18Maersk

Siem

Farstad

Solstad

Mosvold

Olympic

BOA

Tidewater

DOF

Edison

Bourbon

CNOOC

Ezra

Havila

K Line

Lukoil

MMP

Rem

URS

Owned Managed

Source: ODS-Petrodata, Carnegie Research

Siem Offshore among the leading AHTS operators

after completing newbuilding program

9

Siem Offshore will become the second largest operator of large AHTS world wide following

delivery of newbuildings. Total fleet of 40 vessels from 2011 including large AHTS, Platform

Supply Vessels (PSV), Multi-Purpose Support vessels (MPSV), Brazilian support vessels and

other special purpose vessels

1010

8 + 2 AHTS vessels – Main features

• 91 x 22 meter

• 28,000 BHP

• Winch capacity 500 ton

• Bollard pull >285 ton

• Accommodation for 60 persons

• Deck layout ”Safety and functionality”

• Fuel economy ”cost and emissions”

• 250te AHC A-frame to be installed on some vessels ”Subsea construction work”

• Fire fighting and Standby Class on some vessels “Field vessels”

• Comfort Class, Clean Design Class “Environment and Crew focus”

• Catalyst Cleaning of NOx (UREA system reducing NOx by approx. 95%)

The large fleet represents flexibility and reliability for the clients

Offshore Personnel training

• New dedicated AHTS vessel simulator

• Including Rolls-Royce AHTS winch

• Kongsberg DP

• Triplex MDH Simulator

• Coast design Autoload

The best way to improve safety is through training

Siem Offshore has good safety records

Project cost – selected vessels

Category Design Built

Average project

cost

PSV VS 470 Mk II 2005 – 2007 NOK 148 million

MRSV MT 6016 / 6017 2007 – 2009 NOK 354 million

AHTS VS 491 CD 2009 - 2010 NOK 600 million

FSV GPA150 2010 USD 10 million

FCV GPA132 2011 USD 5 million

1313

Vessels under construction - deliveries

Vessel Type Ownership 3Q

Siem Pilot *) PSV 51%

Siem Pearl AHTS 100%

Siem Emerald AHTS 100%

Siem Sapphire AHTS 100%

Siem Aquamarine AHTS 100%

Siem Topaz AHTS 100%

Siem Ruby AHTS 100%

Siem Diamond AHTS 100%

Siem Opal AHTS 100%

Brazil 'TBN' FSV 100%

Brazil 'TBN' FSV 100%

Brazil 'TBN' FCV 100%

Brazil 'TBN' FCV 100%

*) Letter of Intent = Contract = Under construction

4Q4Q 1Q 2Q 3Q2Q 3Q1Q

2013

4Q 1Q

2012

4Q 1Q3Q 4Q 2Q 3Q2Q

2010 2011

Financials

Revenue and Operating Margin

0

10

20

30

40

50

60

Q1 -06

Q2 -06

Q3 -06

Q4 -06

Q1 -07

Q2 -07

Q3 -07

Q4 -07

Q1 -08

Q2 -08

Q3 -08

Q4 -08

Q1 -09

Q2 -09

USD m

illion

0%

10%

20%

30%

40%

50%

60%

70%

Revenue Operating margin *) Operating margin %

*) Operating Revenue - Operating costs

Financials

Debt service – selected vessels

VS 491 CD

MT 6016 / 6017

VS 470 Mk II

DesignCategory Instalments Interest Debt service

per day

PSV NOK 7.4 million NOK 1.8 million NOK 25,000

MRSV NOK 18.2 million NOK 10.1million NOK 77,000

AHTS NOK 24.5 million NOK 9.7 million NOK 94,000

Indicative figures

Vessels in operation – employment

Vessel Type Ownership 3Q

Siem Sasha PSV 100%

Siem Sophie PSV 100%

Siem Louisa PSV 100%

Siem Danis PSV 100%

Siem Mollie PSV 100%

Siem Hanne PSV 100%

Siddis Skipper PSV 51%

Siem Carrier PSV 100%

Siem Supplier PSV 100%

Hugin Explorer PSV 100%

Siem Sailor PSV 51%

Ocean Commander MRSV 35%

Siem Swordfish MRSV 100%

Seven Sisters MRSV 100%

Siem Marlin MRSV 100%

SiemDorado MRSV 100%

Big Orange XVIII WSV 41%

Joides Resolution SPV 50%

Marati OSRV 100%

Marabá OSRV 100%

Parnaiba FSV 100%

Propriá FSV 100%

Paracaru FCV 100%

Capela FCV 100%

Piracicaba FCV 100%

Parati FCV 100%

Atalaia FCV 100%

= Contract = Option

3Q 4Q4Q 1Q 2Q

2012

1Q 2Q 4Q1Q

2013

2Q4Q 3Q3Q

2011

1Q 4Q3Q2Q

2010

Future Yard instalments, Debt instalments, Cash and

Undrawn Credit Facilities as of 30 June 2009

USD 80 million

Future Yard Instalments

(Amounts in million) Instalments

USD

2009 197

2010 457

Total 654

Debt Instalments

(Amounts in million) Balance Instalments

USD USD

2009 372 47

2010 33

2011 and thereafter 291

Total 372

Cash and Undrawn Credit Facilities

(Amounts in million) Available

USD

Cash 50

Share issue 149

Undrawn credit facilities 444

Total 643

PSVs, age distribution > 20 years 11 - 20 years 0 - 10 years Current fleet On order TOTAL

PSV < 3,000 Dwt 322 89 154 565 40 605

PSV 3,000 - 4,000 Dwt 10 42 228 280 62 342

PSV > 4,000 Dwt 3 33 119 155 106 261

TOTAL 335 164 501 1,000 208 1,208

World Fleet of Platform Supply Vessels

Operations moves into deeper

water and more remote areas

Modern and larger vessels are

in demand in all regions

The world PSV fleet is being

modernized with larger and

more efficient vessels

Source: ODS Petrodata

0

200

400

600

800

1000

1200

1400

No of Vessels

1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010

PSV < 3000 Dw t PSV 3,000-4,000 Dw t PSV > 4,000 Dw t

PSVs, % of current fleet > 20 years On order

PSV < 3,000 Dwt 57% 7%

PSV 3,000 - 4,000 Dwt 4% 22%

PSV > 4,000 Dwt 2% 68%

TOTAL 34% 21%

AHTS Vessels, age distribution > 20 years 10 - 20 years 0 - 10 years Current fleet On order TOTAL

12,000 - 16,000 BHP 51 38 62 151 36 187

16,000 - 20,000 BHP 5 17 58 80 45 125

> 20,000 BHP 1 8 24 33 41 74

TOTAL 57 63 144 264 122 650

World Fleet of AHTS Vessels > 12,000 BHPOperations moves into deeper

water and more remote areas

Modern and larger vessels are

in demand in all regions

Increased focus on vessel

stability and true bollard pull

capacity for deep water

operations

Source: ODS Petrodata

0

50

100

150

200

250

300

350

400

1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011

AHTS 12,000-16,000 BHP AHTS 16,000-20,000 BHP AHTS > 20,000 BHP

AHTS, % of current fleet > 20 years On order

12,000 - 16,000 BHP 34% 24%

16,000 - 20,000 BHP 6% 56%

> 20,000 BHP 3% 124%

TOTAL 22% 46%

Average rates – medium PSV

Average rates – large PSV

Average rates – large AHTS

Drilling units and FPSOs

On order/

Exisiting Construction Total

Jackups 449 68 517

Semisubmersible 182 41 223

Drillships 47 39 86

FPSOs 150 30 180

828 178 1,006

Source: ODS Petrodata

Market Outlook

• The recession will end and economic activity willincrease

• Oil demand will increase as a function of growth in population and GDP

• Oil production from existing fields is in decline

• The activity in the offshore oil and gas industry willincrease

• The offshore oil and gas industry will more increasingly rely on deepwater projects

Thank you!