Completion of Joint Interest Sale in Tanzania and Termination of Royalty Interest

The Board of Directors resolved on 25th November to
relocate the residency of Siem Offshore Inc. (“the
Company”) from the Cayman Islands to Norway with
effect from 1st January 2010. The Company will
maintain its Cayman Islands corporate status.

Following the relocation, the Company’s operations
will be effectively managed from Norway. The head
office of the Company will be in Kristiansand from
which the Siem Offshore Group’s global strategy will
be to be a preferred operator in the offshore service
industry for our customers and employees. The
strategy will be to enhance our organization by
recruiting, training and developing the best
available talents in the countries in which we work.

An investment in the Company’s shares by Norwegian
shareholders will, for tax purposes, be treated
similar to an investment in a Norwegian public
limited company.

For further information:

Terje Sorensen
Chief Executive Officer
+47 91 31 61 64

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