Siem Offshore Inc.

Presentation March 2014

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 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 2013

3. Future Yard Instalments, Financing and Contract Backlog

4. Market Comments

5. Appendices

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: ~ 1,300

• Offshore Employees: ~ 1,100

• Onshore Employees: ~ 200

• 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 7 18

AHTS2) 10 0 10

OSCV 4 2 6

WIV 0 2 2

Canadian fleet 3) 6 0 6

Other 10 4 14

Total 41 15 56

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

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

Secunda Canada LP offices (associated company):

-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 - 41 Vessels in Operation

6

OSCV AHTS Vessels

Scientific Core Drilling Vessel

# 1

Other

vessels

# 9

# 101)

Vessels in operation

Canadian

fleet

# 63)

1) Incl. two vessels owned by a partner

2) Incl. three 51% owned

3) 50% owned

# 4

Average age of 4 years

Average age of 2 years

Other vessels # 16

Average age of 8 years

PSV (3,600 – 5,100 dwt) # 112)

2014

1Q 2Q 3Q 4Q

2015

1Q 2Q 3Q 4Q

2016

1Q 2Q 3Q 4Q

OSRV, Siem Maragogi

OSRV, Siem Marataizes

PSV, Siem Giant

OSCV, Siem Spearfish

OSCV, Siem Stingray

ISV, Siem Moxie

PSV DF, Siem Symphony

CLV, Siem Aimery

PSV DF, Siem Pride

PSV DF, ”TBN 1”

PSV DF, ”TBN 2”

PSV DF, ”TBN 3”

PSV DF, ”TBN 4”

WIV, “Siem Helix 1”

WIV, “Siem Helix 2”

Company Overview - Vessels under Construction - 15 Vessels to be Delivered Next 3 Years

7

Company Overview – Vessels under construction - Contract Backlog

8

2014 2015 2016 2017

Vessel Type Ownership 1Q 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 %

Brazil Siem Giant PSV 100 %

Norway, Siem Spearfish OSCV 100%

Norway, Siem Stingray OSCV 100%

Norway, Siem Moxie ISV 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%

Poland, ”TBN 4” PSV 100%

Germany, “Siem Helix 1” WIV 100%

Germany, “Siem Helix 2” WIV 100%

Under Construction Contract Contract option

8

Comments:

• The ISV and 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 395 million as of end of fourth quarter 2013. The

contracts for the two Well-Intervention vessels under construction in Germany were entered into in 2014 and is thus not

included in the backlog as of 31.12.13.

Contract with subsidiary

• Contracts for previously ordered vessels of similar design (under construction):

• 4+4 years contract with Total E&P Norge for operations in the North Sea

• 5+5 years contract with A/S Norske Shell for operations in the North Sea

• Main Characteristics:

• Approx. 5,500 dwt

• Approx. 1,000 m2 deck

• 10,800 BHP

• ERN 99,99,99,99

• Accommodation for 25 persons

• Dual Fuelled (LNG/MDO)

• Oilrec

• Standby

• Fire Fighter II

9

Company Overview - Newbuilding Orders 4Q 2013 - 4 additional Dual Fuelled PSVs (LNG and MDO) VS 4111 design

Design Salt 307

DP Class 3

Length 158 meters

Breadth 31 meters

Summer Draught 8.5 meters

Delivery First and Second half 2016 DW at 8.5m: 12,500t

Builder Flensburger Shipyard (GER) Accommodation 150 persons

Owner 100% Siem Offshore Cargo Deck Area 3,100 m2 usable

Charterer Helix Energy Solutions Group, Inc. MODU-Class Compliance

10

• Charter period for an initial period of 7 years, with options that can extend the charter periods up

to 22 years. Helix has entered into agreements with Petróleo Brasileiro S.A. (“Petrobras”) to

provide well-intervention services offshore Brazil for an initial period of 4 years with options to

extend

• Siem Offshore shall provide marine management, including crewing, for the two vessels. Helix

shall provide the topsides and manage the integration of the well-intervention equipment onto

the vessels.

Company Overview - Newbuilding Orders 1Q 2014 - 2 Well-Intervention Vessels

• Current Backlog of approx. USD 180 million.

• Inner Array Grid - Amrumbank OWF for

E.On - Germany

• Export Cable - Innogy Nordsee 1 OWF

for TenneT - 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

11

• 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)

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

Contents

12

1. Company Overview

2. Financials 2013

3. Future Yard Instalments, Financing and Contract Backlog

4. Market Comments

5. Appendices

Financials 2013 - Operating Margin

2013 2012

Amounts in

USD million

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

Operating

revenue

Operating

expenses

Operating

margin

Operating

margin %

PSVs 94.6 ( 51.7) 42.9 45 % 91.4 ( 53.4) 38.0 42 %

OSCVs 41.4 ( 14.6) 26.9 65 % 49.8 ( 23.0) 26.8 54 %

AHTS Vessels 131.9 ( 64.0) 67.9 51 % 115.0 ( 66.6) 48.3 42 %

Smaller Brazilian Vessels[1] 24.1 ( 17.4) 6.7 28 % 29.1 ( 23.4) 5.7 20 %

Scientific Core Drilling 36.9 ( 16.5) 20.4 55 % 59.1 ( 28.7) 30.4 51 %

Submarine Cable Installation 23.2 ( 19.3) 3.9 17 % 7.8 ( 9.6) ( 1.8)

Combat Management Systems 8.0 ( 6.6) 1.4 17 % 8.3 ( 6.1) 2.2 27 %

Siem WIS 1.6 ( 0.6) 1.0 64 % 0.2 ( 0.1) 0.1 67 %

Other 2.3 0.0 2.3 7.6 0.0 7.6

G&A 0.0 ( 50.7) ( 50.7) 0.0 ( 47.1) ( 47.1)

Total 364.0 ( 241.3) 122.7 34 % 368.2 ( 257.9) 110.3 30 %

13

[1] Smaller Brazilian Vessels include Oil Spill Recovery Vessels, Fast Supply Vessels and Crew Boats

Financials 2013 - Income Statement

Amounts in USD million

2013

Unaudited

2012

Audited

Operating revenue 364.0 368.2

Operating expenses ( 190.6) ( 210.8)

Administration expenses ( 50.7) ( 47.1)

Operating margin [1] 122.7 110.3

Operating margin % 34 % 30 %

Depreciation and amortisation ( 75.8) ( 82.7)

Gain/(Loss) on sale of fixed assets 30.2 14.1

Gain/(Loss) FX contracts [2] ( 7.8) 12.5

Net financial items [3] ( 51.3) ( 34.8)

Profit before tax 18.0 19.4

Income tax provision 3.6 ( 4.0)

Net Profit 21.5 15.4

Net profit attributable to non-controlling interest ( 0.5) ( 1.9)

Net profit attributable to shareholders 22.0 17.3

Earnings per share 0.06 0.04

Average number of shares outstanding 389 078 395 665

Notes:

[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

14

The Board of Siem Offshore will propose that the Company’s

shareholders approve payment of dividend at the upcoming Annual

General Meeting scheduled for 2 May 2014.

Financials 2013 - Adjusted Net Profit

Amounts in USD million

2013

Unaudited 2012 Audited

Net Profit (loss) 21.5 15.4

Unrealized (profit) loss on currency derivatives [1] 12.2 (6.9)

Unrealized (profit) loss on interest rate derivatives [2] (8.4) 5.7

Other unrealized (profit) loss on currency positions [3] 17.2 (2.8)

Adjusted Net Profit (loss) 42.6 11.4

Notes:

1) Unrealised profit and loss from currency derivatives relates to financial instruments

entered into in order to hedge operational cash flows and future yard instalments in

foreign currencies

2) Unrealised profit and loss from interest rate derivatives relates to mark-to-market

valuations of financial instruments entered into in order to manage interest rate risk

3) Other currency positions includes unrealized profit and loss from balance sheet items

denominated in foreign currencies in subsidiaries

15

Financials 2013 - Financial Position

Comments:

1. Book equity ratio of ~ 42%.

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 31.12

2013 of USD 860 million compared to

USD 690 million year end 2012.

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 2013

3. Future Yard Instalments, Financing and Contract Backlog

4. Market Comments

5. Appendices

Future Yard Instalments and Debt Financing 2014-2016

Comments:

1. The graph reflects; i) future yard instalments for all 15 vessels under construction, ii) committed

mortgage debt (red), iii) assumed new mortgage debt (green), and iv) financing gap to be funded

by cash from operations and 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.

18

Total financing gap in the

period 2014-16 of approx. USD

200 million

Assumed new mortgage debt

of approx. USD 520 million

Financing – Scheduled Debt Maturity Profile 2014-2019

19

Comments:

1. The graph reflects committed and assumed mortgage debt for all 15 vessels under construction

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 98.6 million) of unsecured bonds with maturity in 2018

Contract Backlog – Vessels in Operation

20

2014 2015 2016 2017

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

Siem Sasha PSV 100 %

Siem Sophie PSV 100 %

Siem Louisa PSV 100 %

Siem Hanne PSV 100 %

Siddis Skipper PSV 51 %

Siem Carrier PSV 100 %

Siem Supplier PSV 100 %

Hugin Explorer PSV 100 %

Siem Atlas PSV 100%

Siem Sailor PSV 51 %

Siem Pilot PSV 51%

Siddis Mariner 1) PSV 51%

Siem Marlin OSCV 100%

Siem Stork OSCV 100%

Siem Daya 1 OSCV 100%

Siem Daya 2 OSCV 100%

Siem Pearl AHTS 100%

Siem Emerald AHTS 100%

Siem Sapphire AHTS 100%

Siem Aquamarine AHTS 100%

Siem Ruby AHTS 100%

Siem Topaz AHTS 100%

Siem Diamond AHTS 100%

Siem Amethyst AHTS 100%

Siem Garnet AHTS 0%

Siem Opal AHTS 0%

Total order backlog in % and USD mill. 75% 283 41% 163 23% 89 15% 63

Sold medio January 2014

1) Employment for the PSV “Siddis Mariner” includes firm time charter with options for Siem Offshore Contractors

2) Employment for the AHTS Vessel “Siem Garnet” includes firm time charter for Siem Offshore Contractors

Contract Contract option Spot work

Contract Backlog – Vessels in Operation (cont.)

2014 2015 2016 2017

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

Big Orange XVIII WSV 41 %

Joides Resolution SPV 100 %

Burin Sea AHTS 50%

Panuke Sea PSV 50%

Ryan Leet MPSV 50%

Trinity Sea AHTS 50%

Venture Sea AHTS 50%

Scotian Sea MPSV 50%

Total order backlog in % and USD mill. 56% 44 24% 10 1% 0 0% 0

Parnaiba FSV 100 %

Propriá FSV 100 %

Paracaru FSV 100 %

Capela FSV 100 %

Siem Piatã FCV 100 %

Siem Pendotiba FCV 100%

Siem Caetes FSP 100%

Siem Carajas FSP 100%

Total order backlog in % and USD mill. 75% 13 50% 10 50% 10 50% 10

Contract Contract option Spot work

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Contents

22

1. Company Overview

2. Financials 2013

3. Future Yard Instalments, Financing and Contract Backlog

4. Market Comments

5. Appendices

Market Comments

1. North Sea market for AHTS vessels and PSVs:

• Number of floaters working in the North Sea expected to increase based on firm contracts for new

rigs

• Increased term demand for production support

• Increased exploration, field development and number of fields on stream is expected to support

demand for both high-end AHTS vessels and large PSVs

• Relative stable fleet of high-end AHTS vessels and several AHTS vessels will leave the region for

employment outside the region during 2014

• Increased global demand for PSVs will likely absorb vessels from the region

2. Long term Global demand for OSCVs:

• Based on an increasing number of subsea wells and installation activity the outlook remains

generally positive. Some development projects have been cancelled and a number of projects are

being delayed. This is likely to have an impact on spending in the offshore oil and gas industry

going forward

3. Long-term Global demand for AHTS vessels and PSVs:

• Positive outlook in Brazil based on firm contracts for Rigs, FPSOs and subsea projects

• Increasing demand in US GoM, West Africa and Oceania

• Prospects for harsh and/or remote areas (Barents Sea, Kara Sea, Canada, Brazil)

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Contents

24

1. Company Overview

2. Financials 2013

3. Future Yard Instalments, Financing and Contract Backlog

4. Market Comments

5. Appendices

2013 2014 2015 2016

41 48

52 56

Vessels in

Operation

Company Overview - 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.

• Delivery of two Oil Spill

Recovery Vessels 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

six). The Dual Fuelled

PSVs marks a

technology shift for the

PSV fleet.

• Delivery of three

additional Dual Fuelled

PSVs.

• Delivery of Cable Lay

Vessel to support

project execution for

Siem Offshore

Contractors.

• 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 48

52 56

25

• The “JOIDES Resolution” is a dynamically

positioned drillship and floating laboratory

carrying scientists from all over the world.

• On time charter with the International Ocean

Discovery Program (“IODP”).

• Exploring the Earth under the Sea IODP

continues over five decades of international

collaboration to recover geological data and

samples from beneath the ocean floor to

study the history and dynamics of Planet

Earth.

• IODP has options to extend the time charter

until 2023.

• http://www.iodp.org/

• http://joidesresolution.org/

• Built: 1978 (Major Upgrade 2009)

• Length: 143 m Beam: 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

Company Overview – JOIDES Resolution - a 100% owned Scientific Core Drilling Vessel

26

Scientific Core Drilling JOIDES Resolution - Vessel Specification

Company Overview – Siem WIS - Patented Technology for Managed Pressure Drilling

27

• Developed a Pressure Control Device (“Siem WIS PCD”) that enables new, innovative and safe operations for:

• Managed Pressure Drilling (“MPD”)

• Under Balanced Drilling (“UBD”)

• Additional barrier above the rig BOP/Annular

• The Siem WIS PCD is based on a unique and patented sealing technology and is a non-rotating device to cap and seal return mud flow in MPD and UBD operations

• The Siem WIS PCD is tested and qualified by a number of the Major Oil Companies and NOCs

• The Siem WIS PCD shall be used by M-I Swaco, a Schlumberger company, on five drilling operations for Statoil in the North Sea, commencing in 2Q 2014

• Siem WIS is also in discussions for other projects for utilisation of the pressure control device (“PCD”).

Financials 2013 - Statement of Financial Position

31.12.2013

Unaudited

31.12.2012

Audited

Intangible assets 41.5 36.3

Vessels under construction 127.7 108.4

Vessels, equipment and capitalized project costs 1 451.4 1 272.3

CIRR loan deposits 41.7 53.2

Investment in associates and other long-term receivables 27.6 11.3

Debtors, prepayments and other current assets 105.0 149.9

Cash and cash equivalents 101.2 107.1

Total Assets 1 896.1 1 738.5

Total Equity 793.9 786.5

Borrowings falling due after 1 year 863.1 714.7

CIRR loan 41.7 53.2

Other non-current liabilities 30.4 24.3

Borrowings falling due within 1 year 98.4 82.3

Trade creditors and other current liabilities 68.5 77.5

Total Liabilities 1 102.2 951.9

Total Equity and Liabilities 1 896.1 1 738.5

Amounts in USD million

• Current cost of debt approximately 4.5% p.a., including the effect of interest rate derivatives.

• Net interest bearing debt of USD 860 million.

28

Financials 2013 - Statements of Cash-Flows

Cash flow from operations

01.01.2013 -

31.12.2013

Unaudited

01.01.2012-

31.12.2012

Audited

Profit before taxes, excluding interest 49.2 47.9

Interest paid (32.3) (36.7)

Depreciation and amortization 75.8 82.7

Effect of unreal. currency exchange forward contracts 6.8 (6.9)

Change in short-term receivable and payables (17.5) 22.7

Taxes paid in the period (9.8) (13.9)

Loss (gain) on sale of fixed assets (29.8) (13.7)

Other changes 13.5 (11.8)

Net cash flow from operations 55.9 70.5

Cash flow from investing activities

Investments in fixed assets (329.4) (53.4)

Proceeds from sale of fixed assets 86.0 87.6

Investment in associated companies (14.4) 0.8

Other investment activities 5.4 4.4

Cash flow from investing activities (252.4) 39.4

Cash flow from financing activities

Buyback of own shares (8.7) (2.7)

Proceeds from bank overdraft 1.0 2.6

Proceeds from issue of new equity 0.7 3.5

Proceeds from raising of new long-term borrowing 320.3 8.8

Repayment of long-term borrowing (128.8) (161.8)

Cash flow from financing activities 184.4 (149.8)

Effect of exchange rate differences 6.3 10.3

Net change in cash (5.9) (29.6)

Cash at bank start of period 107.1 136.6

Cash at bank end of period 101.2 107.1 29

30

Comments:

• Figures reflects contract backlog as

of year-end 2013, i.e. excluding the

value of the firm contracts for the 2 x

WIVs agreed in 1Q 2014.

• Firm contracts for vessels:

• 2014 – USD 363 million

• 2015 – USD 246 million

• 2016 onwards – USD 541 million

• Approximately 80% backlog for

vessels covered in 2014 based on

both firm and option contracts

• Average firm contract length on

vessels in operation at 1.8 years

excluding options (4.2 years

including options) as of 31st

December 2013.

• USD 173 million in order backlog

related to Siem Offshore Contractors

Contract Backlog - Approximately USD 1.3bn of Firm Contract Backlog as of year end 2013.

Executive Management Team

Terje Sørensen (1964) - CEO Bernt Omdal (1966) – Chartering Director

• CEO (2005-)

• Previous experience:

CFO of the former Siem Offshore (2001-2005)

CFO in Mosvold Shipping AS

Controller Norsk Skibs Hypotekbank

• Education: Master in Business and Economics from Norwegian School of

Management

• Head of Chartering (2011-)

• Previous experience:

Chartering Director of the company (2008-2011)

More than 20 years of experience within the maritime industry (chartering,

operations and shipbroking)

• Education: Business Economist from BI Norwegian School of Management

Dagfinn B. Lie (1972) - CFO Svein Erik Mykland (1961) - COO

• CFO (2009-)

• Previous experience:

Controller at Siem Offshore (2007-2009)

Positions at Wallenius Wilhelmsen Logistics and ABB Offshore

• Education: Master in Finance & Accounting and an MBA from the Norwegian School

of Economics and Business Administration

• COO (2010-)

• Previous experience:

AHTS Director Siem Offshore (2008-2009)

Broad experience onshore and offshore from the offshore industry for the last 25

years.

Positions at Acergy as Offshore Manager, Remote intervention Manager, Ship

Operation Manger and Group Operation manager

• Education: - Royal Navy and IMCA Diving Supervisor

Tore B Johannessen (1955) – Global HR Director

• Global HR Director (May 2012-)

• Previous experience:

Senior Vice President HR & Organization in TTS Energy

Regional General Manager in DnB, Norway and Vice President HR &

Organization in Hydralift

• Education: : Master of Management from BI the Norwegian School of Management.

B.Sc in Pedagogic and a 2 year graduation from the Norwegian Sports University.

31

Eystein Eriksrud (1970) - Chairman David Mullen (1958) – Board member

• Deputy CEO of Siem Industries (2011-)

• Previous experience:

Partner of the law firm Wiersholm Mellbye & Bech (2005-)

Positions at Siem Industries Group and Kvaerner Group

Board experience from Privatbanken ASA and Tinfos AS and many others

• Norwegian citizen

• CEO Shelf Drilling Holdings Limited

• Previous experience:

CEO Wellstream Holdings and Ocean Rig and Senior VP Transocean

Numerous other positions at Transocean, Sclumberger, Geco-Prakla etc

• Education: degree in geology from Trinity College, Dublin, and a master degree in

geophysics from the University College Galway, Ireland.

• Irish citizen

Kristian Siem (1949) – Board member John C. Wallace (1938) – Board member

• Chairman of Siem Industries, Subsea 7 and Siem Industrikapital and director of

Siem Shipping and North Atlantic Smaller Companies Investment Trust

• Norwegian citizen

• Director of Callon Petroleum Co , USA (Chairman of the Audit Committee)

• Previous experience:

25 years as Chairman of Fred. Olsen and board member of Ganger Rolf and

Bonheur

Positions at PricewaterhouseCoopers and Baring Brothers & Co among others

Education: B. Commercial degree majoring in Accounting and Economics from

McGill University, Chartered Accountant

• Canadian citizen

Michael Delouche (1957) – Board member

• President and the secretary of Siem Industries, in charge the operations at the

head office at Cayman Islands and director of Siem Shipping

• Previous experience:

Director of Subsea 7

Audit manager with KPMG Peat Marwick

• Education: Degrees in civil engineering (structural) and business

• US citizen

Board of Directors

32

Shareholder information as of 12th of March 2014

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Shareholder Number of shares Share

SIEM INDUSTRIES INC. 133 279 421 34,2 %

ACE CROWN INTERNATIONAL C/O SINGA STAR PTE L 76 780 808 19,7 %

SKAGEN KON-TIKI 10 977 629 2,8 %

FONDSFINANS SPAR 10 550 000 2,7 %

MP PENSJON PK 9 816 313 2,5 %

SKAGEN VEKST 8 036 317 2,1 %

VARMA MUTUAL PENSION COMPANY 7 885 213 2,0 %

WATERMAN HOLDING LTD 7 457 722 1,9 %

NORDEA BANK NORGE AS SECURITIES OPERATION 5 178 985 1,3 %

DANSKE INVEST NORSKE C/O DANSKE CAPITAL A 5 112 171 1,3 %

SUM TOP 10 SHAREHOLDERS 275 074 579 70,7 %

Sum other shareholders 114 316 698 29,4 %

TOTAL NUMBER OF SHARES ISSUED 389 391 277 100,0 %