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  • Siem Offshore

    Pareto Oil & Offshore Conference 4 September 2013

    CEO – Terje Sorensen

  • 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 Presentation 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

    Presentation. 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 Presentation, 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 Presentation. Siem Offshore undertakes no obligation to publicly update or revise

    any forward-looking information or statements in the Presentation.

    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.

  • Agenda

    3

    1. Company Overview

    2. Update on ongoing projects

    3. Market Outlook

    4. Appendix

    b. Financials

    c. Vessel Employment and Deliveries

    a. Status

  • Siem Offshore – Company Profile

    4

    Background and status • Established in July 2005.

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

    • Main markets for the company currently in the North Sea, Brazil and West Africa.

    • Recent expansion in Subsea Vessel segment (4x newbuilds)

    • Breakthrough in Offshore Renewable Energy segment (Focus on installation of submarine power cables for

    offshore windfarms).

    Fleet • 38 vessels in operation.

    • 10 vessels under construction.

    Global Organization • Headquarter in Kristiansand, Norway.

    • Regional offices in Brazil, Germany, the Netherlands, the U.S., Ghana and India.

    • Some 1,300 employees (1,100 offshore and 200 onshore).

    Strong financial position • Book equity ratio of approx. 44%, and secured bank debt to market value of fleet at ~50%.

    • Contract backlog of firm contracts for vessels at USD 806m (excluding options) as of 30 June 2013.

    • Contract backlog within submarine power cable activities of approximately USD 180m.

    Listed on Oslo Stock Exchange • Market cap of approximately NOK 3.0bn1)

    • Largest shareholder Siem Industries (34.2%) Note 1: As of close of trading August 28, 2013

  • Key Highlights - Continued growth since 2005

    5

    0

    50

    100

    150

    200

    250

    300

    350

    400

    2005 2006 2007 2008 2009 2010 2011 2012

    F ig

    u re

    s i n

    U S

    D m

    il li

    o n

    Operating revenue

    Operating margin

    In Operation 19 21 24 25 29 34 39

    Ordered

    Vessels

    4 13 14 17 15 9 6

    37

    10

    2005 2006 2007 2008 2009 2010 2011 2012

    1)

  • Fleet overview - 38 vessels in operation and 10 vessels under construction

    • Average age vessels in

    operation

    • PSV ~ 7 years

    • AHTS ~ 3 years

    • OSCV ~ 3 years

    1) Incl. two vessels owned by a partner

    PSV (3,300 – 4,700 dwt)

    6

    # 12

    # 3

    OSCV AHTS

    Core Drilling Vessel

    # 1

    # 11

    Smaller Brazilian vessels Well stimulation vessel

    # 1

    # 101)

    Vessels in operation Vessels under construction (Delivery 2013, 2014 & 2015)

    # 2

    OSRV OSCV

    # 3

    PSVs

    # 3

    ISV

    # 1

    CLV

    # 1

  • • Breakthrough in Offshore Renewable Energy

    Market in 2012/2013 with several new contract

    awards

    • Awarded contract for E.On Germany for the

    Amrumbank Offshore Windfarm

    • Joint contract with J-Power Systems

    Corporation (“JPS”) for the Innogy Nordsee 1

    Offshore Wind Farm Project

    • Baltic 2 Offshore Wind Farm project by EnBW

    Baltic 2 GmbH.

    • Total contract backlog of approx. USD 180 million.

    • Continue to tender for other projects within the

    Offshore Wind Farm market.

    • Germany and UK the biggest markets.

    • Potential demand for both new installation

    vessels and maintenance vessels.

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

    7

    • Formed in 2003 and located in Leer, Germany.

    • 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 (Delivery 2014)

    CLV (Delivery 2015)

  • • Signed a back-to-back contract with M-I Swaco, a Schlumberger company, for the

    Gudrun and Valemon field in the North Sea. The offshore operation is scheduled for

    execution in second quarter 2014. The new PCD 5000 systems will be mobilized

    and used for the planned operation.

    • Siem WIS is ready for the Gullfaks operation, which is planned to commence in

    third quarter 2013.

    • Siem WIS is also in discussions for other projects for utilisation of the pressure

    control device (“PCD”).

    8

    Siem WIS - Technology for Managed Pressure Drilling

  • Scientific Core Drilling – JOIDES Resolution

    • Overseas Drilling Limited is the owner of the scientific

    core drilling vessel “JOIDES Resolution”.

    • “JOIDES Resolution” is a dynamically positioned

    drillship and floating laboratory carrying scientists from

    all over the world.

    • On time charter until end Sept 2013 with Integrated

    Ocean Drilling Program (IODP), a research program

    exploring Earth's history and structure.

    • The time charter includes 10 x 1 year options, of which

    IODP has exercised the first option (until Sept. 2014).

    • Unique vessel and experience in niche market with

    high potential profitability.

    9

    Overseas Drilling Limited - a 100% owned subsidiary of Siem Offshore

    Joides Resolution - Vessel Specifics

    • Built: 1978 (Major Upgrade 2009)

    • Length: 143 m Breadth: 21 m

    • Gross tonnage: 10,282 t

    • Accommodation: 130 persons

    • Max endurance: 75 days

    • Drilling capacity: 2,000 meters into

    the seafloor in water depths of up to

    7,000 meters

    © Siem Offshore

  • Agenda

    10

    1. Company Overview

    2. Update on newbuilding program

    3. Market Outlook OSVs

    4. Appendix

    b. Financials

    c. Vessel Employment and Deliveries

    a. Status

  • Income Statement

    Second Quarter January - June Twelve Months Ended

    Amount