Entering the submarine cable installation market

The company has identified the installation of submarine cables and associated services to be an emerging growing market, both with respect to field and landfall cables in the offshore oil and gas industry, and with respect to inter-array as well as export cables in the offshore renewable energy market.

Siem Offshore and the shareholders of Five Oceans Services (“FOS”) have reached an agreement whereby Siem will acquire all shares in FOS. The transaction combines the marine operating capacities of the Company with the engineering capabilities and project execution expertise of FOS and forms a strong entity to meet the forecasted market growth and customer requirements. Siem Offshore intends to intensify and develop relationships with current as well as future clients in order to execute projects in a professional and timely manner meeting the highest industry standards on both safety and quality.

The main initial asset for the installation of submarine cables will be the vessel "Siem Carrier", which was converted into a state-of-the-art DP2 cable installation vessel in 2007.