Siem Offshore Announces Sale of Nine Vessels to Major Shareholder

Siem Offshore Inc. (the “Company”) has agreed to sell nine of its vessels (Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima) to the major shareholder Siem Sustainable Energy S.a r.l and related companies (Siem) in exchange for 35% of the Company’s shares.

Siem will thereafter cease to be a shareholder in the Company and Kristian Siem does not offer himself for election at the annual shareholders meeting scheduled to be held on the 7th of May 2024.

The nine vessels are three AHTSs, four PSVs and two OSCVs. The vessels will be transferred to Siem as soon as practical and before July 1, 2024. Siem will assume $117.5 million of existing vessel debt as part of the transaction.

The Company will continue to manage the nine vessels under industry-standard ship management agreements for a minimum period of one year.