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14-06-2008

Siem WIS enters into contract with StatoilHydro

Siem WIS, a company 60% owned by Siem Offshore, is pleased to announce that a contract is entered into with StatoilHydro in respect of the prototype CircSubâ„¢ (Constant Circulation Device). StatoilHydro will contribute financially and operationally in the ongoing full scale test of the CircSubâ„¢ at the Weatherford Technology & Training Centre in Aberdeen.

06-06-2008

Increase of Brazilian fleet

Siem Consub SA, a 100% owned subsidiary of Siem Offshore Inc, has entered into an agreement with Petrobras, the major Brazilian Oil & Gas company, to build two Fast Passenger Vessels for 8 + 8 years time charter contracts. The accumulated contract value for the two vessels is approximately USD 35 million for the firm period, and both vessels shall commence operation in second quarter of 2010. The vessels are to be built in Brazil and the accumulated cost price is approximately USD 9 million.

02-06-2008

Organisation - new employees

Mr. Hallvard Fosnavaag (age 44) has been appointed to a new position in the Company as Operations Director PSV/MRSV-fleet and will be situated at our office at Rovde, Norway. Hallvard Fosnavaag will join the Company latest during third quarter and report to the newly appointed Chief Operating Officer, Mr Lars Bruun.