Resolved Change of Tax Residency

The Board of Directors resolved on 25 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 Sørensen
Chief Executive Officer
+47 91 31 61 64

Published 26-11-2009 in the Investor category