Siem Offshore Inc.

Presentation CEO – Terje Sorensen

10 September 2014

Disclaimer

2

This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and

uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current

expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries

that are major markets for Siem Offshore (“SIOFF”) and its subsidiaries. These expectations, estimates and projections are

generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important

factors that could cause actual results to differ materially from those expectations include, among others, economic and market

conditions in the geographic areas and industries that are or will be major markets for the Siem Offshore businesses, oil prices,

market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency

exchange rates and such other factors as may be discussed from time to time. Although Siem Offshore believes that its

expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it

can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Siem

Offshore nor any other company within the group is making any representation or warranty, expressed or implied, as to the

accuracy, reliability or completeness of the information in the Report, and neither Siem Offshore , any other company within the

group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of

the information in the Report. Siem Offshore undertakes no obligation to publicly update or revise any forward-looking information

or statements in the Report.

There may have been changes in matters which affect Siem Offshore subsequent to the date of this presentation. Neither the

issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is

correct as of any time subsequent to the date hereof or that the affairs of Siem Offshore has not since changed, and Siem

Offshore does not intend, and does not assume any obligation, to update or correct any information included in this presentation.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should

consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This

presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive

jurisdiction of the Norwegian courts.

Contents

3

1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

0

50

100

150

200

250

300

350

400

2005 2006 2007 2008 2009 2010 2011 2012 05.07.1905

Fig

ure

s in

US

D m

illi

on

Operating revenue

Operating margin

2005 2006 2007 2008 2009 2010 2011 2012 2013

In Operation 19 21 24 25 29 34 39

Ordered

Vessels

4 13 14 17 15 9 6

41

13

37

10

Company Overview – Main Activities and Growth

• Main Activities

• Owner and operator of Offshore Support Vessels (“OSVs”)

• Contractor within the Offshore Renewable Energy segment, with primary focus on installation of

submarine power cables for European Offshore Wind-Farms.

• Continued Growth since Incorporation in July 2005

• Financial Development

• Fleet Development

4

Employees:

• Total Employees: ~ 1,100

• Offshore Employees: ~ 850

• Onshore Employees: ~ 250

• Vessels, including partly owned:

Houston

Accra

Mumbai

Leer

Macaé

Rio de Janeiro

Natal

Aracaju

Kristiansand (HQ)

Groningen

Siem Offshore Offices:

- Kristiansand (Norway)

- Rio de Janeiro, Macaé, Aracaju (Brazil)

- Leer (Germany)

- Groningen (The Netherlands)

- Gdynia (Poland)

- Houston (USA)

- Accra (Ghana)

- Mumbai (India)

- Perth (Australia)

Segments Current fleet Under Constr. Total

PSV1) 11 5 16

AHTS vessels2) 10 0 10

OSCV 6 0 6

WIV 0 2 2

Canadian fleet 3) 6 1 7

Other 11 3 14

Total 44 11 55

Note 1: Two vessels with 51% ownership Note 2: Two vessels

owned by partner Note 3: 50% owned by Siem Offshore

Secunda Canada LP offices (associated company) referred to as “Secunda”:

-St John’s, Halifax (Canada)

St. John’s Halifax

Perth

5

Company Overview - Geographical Footprint - Siem Offshore has Local Presence in Key Markets

Gdynia

Company Overview - Fleet in Operation - 44 Vessels in Operation

6

OSCV AHTS Vessels

Scientific Core Drilling Vessel

# 1

Other

vessels

# 9

# 101)

Vessels in operation

Canadian

fleet

# 64)

1) Incl. two vessels owned by a partner

2) Incl. two 51% owned

3) The PSV “Siem Sailor” sold and delivered in July 2014.

4) 50% owned

5) Delivered from yard in April 2014.

6) Delivered from yard end June 2014, in operation in July.

7) Delivered from Yard in July 2014.

# 6

Average age of 4 years

Average age of 2 years

Other vessels # 17

Average age of 7 years

PSV (3,600 – 5,100 dwt) # 112) 3)

Installation

support vessel

# 15)

6)

7)

7

Geographical presence

Company Overview - Fleet in Operation - 10 Anchor Handling Tug Supply Vessels in operation

Key data

5 vessels

2 vessels

1 vessel

1 vessel

1 vessel

AHTS Segment

Amounts in

USD million

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

First half 2014(1) 68.7 (33.2) 35.5 52%

First half 2013 57.9 (32.9) 25.0 43%

• Modern high-end AHTS fleet (28K BHP) with an average

age of approximately 4 years.

• Total firm contract backlog for the AHTS vessels of

approximately USD 120 million.

• In operation for key clients globally, including 5 vessels for

Petrobras.

• The 10 AHTS vessels includes 2 vessels owned by a

partner.

Vessels in operation

[1] The AHTS segment includes I/C revenue from contracting work for the 100% owned subsidiary “Siem Offshore Contractors” .

The offsetting IC opex is included under the Cable Installation segment.

8

Geographical presence

Company Overview - Fleet in Operation - 11 Platform Supply Vessels in operation and 5 vessels under construction

Key data

2 vessels

PSV Segment

Amounts in

USD million

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

First half 2014(1) 44.1 (22.2) 21.9 50%

First half 2013 45.2 (27.0) 18.2 40%

• High-end PSV fleet (3.6K – 5.1K dwt) with an average

age of approximately 7 years.

• Total firm contract backlog for the PSVs of approximately

USD 255 million.

• Four of the PSVs are employed offshore West Africa, four

are employed offshore Brazil, two are employed in the

North Sea (one on a bareboat charter) and one PSV is

employed in Arctic.

• Average age of vessels approximately 7 years.

• 5 PSV DF vessels are currently under construction.

4 vessels

4 vessels

1 vessel

Vessels in operation

Vessels under construction

4 vessels

1 vessel

[1] The PSV segment includes I/C revenue from contracting work for the 100% owned subsidiary “Siem Offshore Contractors” .

The offsetting IC opex is included under the Cable Installation segment.

9

Geographical presence

Company Overview - Fleet in Operation - 6 Offshore Subsea Construction Vessels in operation

Key data

3 vessels

OSCV Segment

Amounts in

USD million

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

First half 2014 42.8 (13.7) 29.1 68%

First half 2013 14.9 (4.9) 10.0 67%

• Total firm contract backlog for the OSCVs of

approximately USD 430 million.

• All 6 OSCVs are employed on long term contracts.

• Average age of vessels approximately 2 years.

• Delivery of the OSCV “Siem Stingray” in July from the

Vard shipyard in Norway. This vessel was the last OSCV

in the series of four OSCVs ordered in 2012.

• Entered into an agreement with Daya Materials Bhd.

(“Daya”) in August 2014 for the sale of the two

2013-built OSCVs, ''Siem Daya 1'' and ''Siem Daya 2'‘, at

a total price of USD 282 million, which will

represent a gain of USD 64 million.

1 vessel

Vessels in operation

2 vessels

2014

1Q 2Q 3Q 4Q

2015

1Q 2Q 3Q 4Q

2016

1Q 2Q 3Q 4Q

Company Overview - Vessels under Construction - 11 Vessels to be Delivered Next 3 Years, including one vessel in Secunda

10

OSRV, Siem Maragogi

OSRV, Siem Marataizes

PSV DF, Siem Symphony

CLV, Siem Aimery

PSV DF, Siem Pride

PSV DF, ”TBN 1”

PSV DF, ”TBN 2”

PSV DF, ”TBN 3”

WIV, Siem Helix 1

WIV, Siem Helix 2

AHTS vessel, ”TBN” (Note 1)

Note 1) Vessel under construction in the 50% owned entity Secunda.

Company Overview - Vessels under construction - Contract Backlog

11

2014 2015 2016 2017

Vessel Type Ownership 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Brazil, Siem Maragogi OSRV 100%

Brazil, Siem Marataizes OSRV 100%

Norway, Siem Symphony PSV 100%

Poland, Siem Aimery CLV 100%

Poland, Siem Pride PSV 100%

Poland, ”TBN 1” PSV 100%

Poland, ”TBN 2” PSV 100%

Poland, ”TBN 3” PSV 100%

Germany, Siem Helix 1 WIV 100%

Germany, Siem Helix 2 WIV 100%

Poland, ”TBN ” (Note 1) AHTS 50%

Under Construction Contract Contract option

11

Comments:

• The CLV shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects within the offshore

wind-farm segment.

• Total firm backlog for vessels under construction at approximately USD 941 million as of end second quarter 2014.

Contract with subsidiary

Note 1) Vessel under construction in the 50% owned entity Secunda.

• Current Backlog of approx. USD 198 million(1).

• Inner Array Grid - Amrumbank OWF for

E.On - Germany

• Export Cable - Innogy Nordsee 1 OWF for

TenneT - Germany

• Inner Array Grid - Nordsee 1 OWF for RWE

Innogy GmbH – Germany

• Inner Array Grid - Baltic 2 OWF for EnBW

Baltic 2 GmbH – Germany

• Continue to tender for other projects within the

OWF market.

• Germany and UK the biggest markets

• MVAC IAG Projects

• HVAC and HVDC Export Projects

12

• Provides complex engineering solutions and

services for installation, repair and

maintenance of submarine power cables.

• Competitive advantage in combining

installation expertise in SOC and asset base

of Siem Offshore.

• Installation support vessel (“ISV”) and Cable

Lay Vessel (“CLV”) under construction to

support SOC in upcoming projects.

Company Profile Status and Highlights

ISV (Delivered April 2014) CLV (Delivery 2015)

Company Overview – Siem Offshore Contractors (“SOC”) - a 100% owned subsidiary of Siem Offshore

Note 1) The contract backlog does not include Nordsee One OWF Inner Array Grid System project as the final

investment decision by the client is first expected in early 2015.

13

Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF

Project

Project phase

Vessel

utilisation

Profit

recognition

Awarded

Installation of 86

submarine cables

providing the inner-array

grid connecting.

Installation works

commenced in 2Q 2014.

Split installation in two

campaigns.

PSV “Siddis Mariner”

ISV “Siem Moxie”

AHTS “Siem Garnet”

3rd Party Vessel

At minimum 25%

completion, forecasted

to be reached in 4Q

2014.

Mar, 2012

Consortium EPIC

contract for the 155kV

export cable system

Nordsee One.

Planning, preparation and

engineering. Installation

expected between 4Q15

and 2Q16.

Utilising the resources

within the Siem Offshore

Group.

At minimum 25%

completion, expected to

be reached in second half

of 2015 at the earliest.

Dec, 2012

Installation of 80

submarine cables

providing the inner-array

grid connecting.

Installation works

scheduled commenced

in 3Q 2014.

PSV “Siddis Mariner”

ISV “Siem Moxie”

AHTS “Siem Garnet”

3rd Party Vessel

At minimum 25%

completion, forecasted

to be reached in 3Q

2014.

Feb, 2013

Turnkey EPIC package

of the inner array grid

cable system for 54 wind

turbine generators.

Planning, preparation

and engineering.

Utilising the resources

within the Siem Offshore

Group.

At minimum 25%

completion1), expected to

be reached in 3Q 2016.

Apr, 2014

[1] The project is currently still subject to financial close, whereby the project developer RWEI is current in negotiations with

various parties and expects to reach this important project milestone latest by end 1Q 2015.

Company Overview – Siem Offshore Contractors (“SOC”) - Submarine power cable activities by main projects

Contents

14

1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

Six Months Ended

Amounts in USD million

2014

Unaudited

2013

Unaudited

2013

Audited

Operating revenue 208.6 172.3 364.0

Operating expenses ( 109.8) ( 100.3) ( 190.6)

Administration expenses ( 23.7) ( 20.6) ( 50.7)

Operating margin [1] 75.1 51.3 122.7

Operating margin % 36 % 30 % 34 %

Depreciation and amortisation ( 44.8) ( 36.9) ( 75.8)

Gain/(Loss) on sale of fixed assets 6.6 28.4 29.8

Gain of sale of interest rate derivatives (CIRR) 0.2 0.2 0.4

Gain/(Loss) FX contracts [2] 10.1 ( 12.9) ( 7.8)

Net financial items [3] ( 16.1) ( 26.8) ( 51.3)

Profit before tax 31.2 3.3 18.0

Income tax provision ( 1.3) ( 1.4) 3.6

Net Profit (loss) 29.9 1.9 21.5

Net profit attributable to non-controlling interest 3.2 ( 1.5) ( 0.5)

Net profit attributable to shareholders 26.7 3.4 22.0

Earnings per share [4] 0.07 0.01 0.06

Average number of shares outstanding [5] 387 591 390 588 389 078

[1] Operating revenue less operating expenses

[2] Revaluation of off-balance sheet currency contracts entered into in order to hedge both operating expenditures and future yard instalments in

foreign currencies.

[3] Including revaluation of non-USD currency balance sheet items and mark-to-market effects on interest rate derivatives

[4] Net profit / Average number of shares outstanding (diluted)

[5] Weighted average number of shares outstanding (diluted) ('000) 15

Financials - Income Statement First Half 2014

Financials - Financial Position 30 June 2014

Comments:

1. Book equity ratio of ~ 39%.

2. Fleet value adjusted equity ratio at ~50%.

3. Secured bank debt to market value of fleet

at ~45%.

4. Net interest bearing debt as of 30 June

2014 of USD 1,072 million.

5. Current cost of debt approximately 4.5%

p.a., including the effect of interest rate

derivatives.

Current Liabilities

Non-Current

Liabilities

Total

Equity

Other Cur. Assets

Cash & Equiv.

Non-Current

Assets

(all in USDm)

16

Contents

17

1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

18

Comments:

• Firm contracts for vessels (USD 1.7bn):

• 2014 – USD 221 million

• 2015 – USD 300 million

• 2016 onwards – USD 1,190 million

• Approximately 85% backlog for vessels

covered for the second half of 2014 based on

both firm and option contracts.

• USD 198 million in order backlog related to

Siem Offshore Contractors (“SOC”).

Contract Backlog - Approximately USD 1.9bn of Firm Contract Backlog as of 30 June 2014.

Comments:

1. The graph reflects; i) future yard instalments for the 11 wholly-owned vessels under construction per end of

second quarter 2014, ii) committed mortgage debt (red), iii) assumed new mortgage debt (green) and iv)

financing gap to be funded by cash from operations/or issue of bonds.

2. Yard instalments for shipbuilding contracts are normally paid with 20% during construction and 80% at delivery,

alternatively 10% during construction and 90% at delivery.

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Total financing gap in the period 2Q

2014-16 of approx. USD 85 million

Assumed new mortgage debt of

approx. USD 130 million

FRN 14/19

Future Yard Instalments and Debt Financing - From 2Q 2014 until year end 2016

Scheduled Debt Maturity Profile 6M 2014 - 2019

20

Comments:

1. The graph reflects committed and assumed mortgage debt for all 11 vessels(1) under construction per end of 2Q 14.

2. Gross debt expected to peak in 2016 based on existing financing and estimated financing for vessels under

construction.

3. Loan to value at low ratios for balloon instalments of mortgage debt (2015 and 2017), i.e. low refinancing risk.

4. Balloon instalment in 2015 of mortgage debt (6 AHTS vessels) can be postponed to 2018 subject to continued long-

term vessel employment.

5. NOK 600 million (USD 97.5 million) of unsecured bonds with maturity in 2018.

6. NOK 700 million (USD 113.8 million) of unsecured bonds with maturity in 2019.

[1] Only including wholly-owned vessels under construction.

2013 2014 2015 2016

41 48

52 56

Vessels in

Operation(1)

Summary - Fleet development 2014-2016 - Expanding in attractive subsea segment, adding new vessel technology and entering new segment

• Delivery of first two

OSCVs (in series of

four) ordered at

Norwegian Yard in

2012. Establishing a

further foothold in the

growing market for

subsea construction

vessels.

• Agreed sale of the PSV

“Siddis Skipper”

• Delivery of Oil Spill

Recovery Vessel in Brazil.

• Delivery of PSV in Brazil.

• Delivery of Installation

Support Vessel to support

project execution for Siem

Offshore Contractors

• Delivery of two additional

OSCVs.

• Delivery of first Dual

Fuelled PSV (in series of

five). The Dual Fuelled

PSVs marks a technology

shift for the PSV fleet.

• Sale of the PSVs “Siem

Sailor”.

• Delivery of Oil Spill

Recovery Vessel in

Brazil.

• Delivery of two additional

Dual Fuelled PSVs.

• Delivery of Cable Lay

Vessel to support

project execution for

Siem Offshore

Contractors.

• Delivery of one AHTS

vessel for Secunda.

• Delivery of two Well-

Intervention Vessels and

entering into new high-

end segment supported

by long term charters

with Helix Energy

Solutions Group. Inc.

• Delivery of two additional

Dual Fuelled PSVs.

41 46

51 55

21 Note 1) Not reflecting the sale of 2 x OSCVs to Daya Materials Bhd.

22

Thank you for your attention