Siem Offshore presentation at Swedbank First Securities’ 2014 Nordic Energy Summit 20 March 2014

1. Siem Offshore Inc.
Presentation March 2014
CEO – Terje Sorensen

2. Disclaimer
2
This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and
uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current
expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries
that are major markets for Siem Offshore (“SIOFF”) and its subsidiaries. These expectations, estimates and projections are
generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important
factors that could cause actual results to differ materially from those expectations include, among others, economic and market
conditions in the geographic areas and industries that are or will be major markets for the Siem Offshore businesses, oil prices,
market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency
exchange rates and such other factors as may be discussed from time to time. Although Siem Offshore believes that its
expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it
can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Siem
Offshore nor any other company within the group is making any representation or warranty, expressed or implied, as to the
accuracy, reliability or completeness of the information in the Report, and neither Siem Offshore , any other company within the
group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of
the information in the Report. Siem Offshore undertakes no obligation to publicly update or revise any forward-looking information
or statements in the Report.
There may have been changes in matters which affect Siem Offshore subsequent to the date of this presentation. Neither the
issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is
correct as of any time subsequent to the date hereof or that the affairs of Siem Offshore has not since changed, and Siem
Offshore does not intend, and does not assume any obligation, to update or correct any information included in this presentation.
The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should
consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This
presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive
jurisdiction of the Norwegian courts.

3. Contents
3
1. Company Overview
2. Financials 2013
3. Future Yard Instalments, Financing and Contract Backlog
4. Market Comments
5. Appendices

4. 0
50
100
150
200
250
300
350
400
2005 2006 2007 2008 2009 2010 2011 2012 05.07.1905
FiguresinUSDmillion
Operating revenue
Operating margin
2005 2006 2007 2008 2009 2010 2011 2012 2013
In Operation 19 21 24 25 29 34 39
Ordered
Vessels
4 13 14 17 15 9 6
41
13
37
10
Company Overview – Main Activities and Growth
• Main Activities
• Owner and operator of Offshore Support Vessels (“OSVs”)
• Contractor within the Offshore Renewable Energy segment, with primary focus on installation of
submarine power cables for European Offshore Wind-Farms.
• Continued Growth since Incorporation in July 2005
• Financial Development
• Fleet Development
4

5. Employees:
• Total Employees: ~ 1,300
• Offshore Employees: ~ 1,100
• Onshore Employees: ~ 200
• Vessels, including partly owned:
Houston
Accra
Mumbai
Leer
Macaé
Rio de Janeiro
Natal
Aracaju
Kristiansand (HQ)
Groningen
Siem Offshore Offices:
- Kristiansand (Norway)
- Rio de Janeiro, Macaé, Aracaju (Brazil)
- Leer (Germany)
- Groningen (The Netherlands)
- Gdynia (Poland)
- Houston (USA)
-Accra (Ghana)
- Mumbai (India)
- Perth (Australia)
Segments Current fleet Under Constr. Total
PSV1) 11 7 18
AHTS2) 10 0 10
OSCV 4 2 6
WIV 0 2 2
Canadian fleet 3) 6 0 6
Other 10 4 14
Total 41 15 56
Note 1: Three vessels with 51% ownership Note 2: Two vessels
owned by partner Note 3: 50% owned by Siem Offshore
Secunda Canada LP offices (associated company):
-St John’s, Halifax (Canada)
St. John’s
Halifax
Perth
5
Company Overview - Geographical Footprint
- Siem Offshore has Local Presence in Key Markets
Gdynia

6. Company Overview - Fleet in Operation
- 41 Vessels in Operation
6
OSCVAHTS Vessels
Scientific Core Drilling Vessel
# 1
Other
vessels
# 9
# 101)
Vessels in operation
Canadian
fleet
# 63)
1) Incl. two vessels owned by a partner
2) Incl. three 51% owned
3) 50% owned
# 4
Average age of 4 years
Average age of 2 years
Other vessels# 16
Average age of 8 years
PSV (3,600 – 5,100 dwt)# 112)

7. 2014
1Q 2Q 3Q 4Q
2015
1Q 2Q 3Q 4Q
2016
1Q 2Q 3Q 4Q
OSRV, Siem Maragogi
OSRV, Siem Marataizes
PSV, Siem Giant
OSCV, Siem Spearfish
OSCV, Siem Stingray
ISV, Siem Moxie
PSV DF, Siem Symphony
CLV, Siem Aimery
PSV DF, Siem Pride
PSV DF, ”TBN 1”
PSV DF, ”TBN 2”
PSV DF, ”TBN 3”
PSV DF, ”TBN 4”
WIV, “Siem Helix 1”
WIV, “Siem Helix 2”
Company Overview - Vessels under Construction
- 15 Vessels to be Delivered Next 3 Years
7

8. Company Overview – Vessels under construction
- Contract Backlog
8
2014 2015 2016 2017
Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Brazil, Siem Maragogi OSRV 100 %
Brazil, Siem Marataizes OSRV 100 %
Brazil Siem Giant PSV 100 %
Norway, Siem Spearfish OSCV 100%
Norway, Siem Stingray OSCV 100%
Norway, Siem Moxie ISV 100%
Norway, Siem Symphony PSV 100%
Poland, Siem Aimery CLV 100%
Poland, Siem Pride PSV 100%
Poland, ”TBN 1” PSV 100%
Poland, ”TBN 2” PSV 100%
Poland, ”TBN 3” PSV 100%
Poland, ”TBN 4” PSV 100%
Germany, “Siem Helix 1” WIV 100%
Germany, “Siem Helix 2” WIV 100%
Under Construction Contract Contract option
8
Comments:
• The ISV and the CLV shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects
within the offshore wind-farm segment.
• Total firm backlog for vessels under construction at approximately USD 395 million as of end of fourth quarter 2013. The
contracts for the two Well-Intervention vessels under construction in Germany were entered into in 2014 and is thus not
included in the backlog as of 31.12.13.
Contract with subsidiary

9. • Contracts for previously ordered vessels of similar design (under construction):
• 4+4 years contract with Total E&P Norge for operations in the North Sea
• 5+5 years contract with A/S Norske Shell for operations in the North Sea
• Main Characteristics:
• Approx. 5,500 dwt
• Approx. 1,000 m2 deck
• 10,800 BHP
• ERN 99,99,99,99
• Accommodation for 25 persons
• Dual Fuelled (LNG/MDO)
• Oilrec
• Standby
• Fire Fighter II
9
Company Overview - Newbuilding Orders 4Q 2013
- 4 additional Dual Fuelled PSVs (LNG and MDO) VS 4111 design

10. Design Salt 307
DP Class 3
Length 158 meters
Breadth 31 meters
Summer Draught 8.5 meters
Delivery First and Second half 2016 DW at 8.5m: 12,500t
Builder Flensburger Shipyard (GER) Accommodation 150 persons
Owner 100% Siem Offshore Cargo Deck Area 3,100 m2 usable
Charterer Helix Energy Solutions Group, Inc. MODU-Class Compliance
10
• Charter period for an initial period of 7 years, with options that can extend the charter periods up
to 22 years. Helix has entered into agreements with Petróleo Brasileiro S.A. (“Petrobras”) to
provide well-intervention services offshore Brazil for an initial period of 4 years with options to
extend
• Siem Offshore shall provide marine management, including crewing, for the two vessels. Helix
shall provide the topsides and manage the integration of the well-intervention equipment onto
the vessels.
Company Overview - Newbuilding Orders 1Q 2014
- 2 Well-Intervention Vessels

11. • Current Backlog of approx. USD 180 million.
• Inner Array Grid - Amrumbank OWF for
E.On - Germany
• Export Cable - Innogy Nordsee 1 OWF
for TenneT - Germany
• Inner Array Grid - Baltic 2 OWF for
EnBW Baltic 2 GmbH - Germany
• Continue to tender for other projects within
the OWF market.
• Germany and UK the biggest markets.
• MVAC IAG Projects
• HVAC and HVDC Export Projects
11
• Provides complex engineering solutions and
services for installation, repair and
maintenance of submarine power cables.
• Competitive advantage in combining
installation expertise in SOC and asset base
of Siem Offshore
• Installation support vessel (“ISV”) and Cable
Lay Vessel (“CLV”) under construction to
support SOC in upcoming projects.
Company Profile Status and Highlights
ISV (Delivery 2014) CLV (Delivery 2015)
Company Overview – Siem Offshore Contractors (“SOC”)
- a 100% owned subsidiary of Siem Offshore

12. Contents
12
1. Company Overview
2. Financials 2013
3. Future Yard Instalments, Financing and Contract Backlog
4. Market Comments
5. Appendices

13. Financials 2013 - Operating Margin
2013 2012
Amounts in
USD million
Operating
revenue
Operating
expenses
Operating
margin
Operating
margin %
Operating
revenue
Operating
expenses
Operating
margin
Operating
margin %
PSVs 94.6 ( 51.7) 42.9 45 % 91.4 ( 53.4) 38.0 42 %
OSCVs 41.4 ( 14.6) 26.9 65 % 49.8 ( 23.0) 26.8 54 %
AHTS Vessels 131.9 ( 64.0) 67.9 51 % 115.0 ( 66.6) 48.3 42 %
Smaller Brazilian Vessels[1] 24.1 ( 17.4) 6.7 28 % 29.1 ( 23.4) 5.7 20 %
Scientific Core Drilling 36.9 ( 16.5) 20.4 55 % 59.1 ( 28.7) 30.4 51 %
Submarine Cable Installation 23.2 ( 19.3) 3.9 17 % 7.8 ( 9.6) ( 1.8)
Combat Management Systems 8.0 ( 6.6) 1.4 17 % 8.3 ( 6.1) 2.2 27 %
Siem WIS 1.6 ( 0.6) 1.0 64 % 0.2 ( 0.1) 0.1 67 %
Other 2.3 0.0 2.3 7.6 0.0 7.6
G&A 0.0 ( 50.7) ( 50.7) 0.0 ( 47.1) ( 47.1)
Total 364.0 ( 241.3) 122.7 34 % 368.2 ( 257.9) 110.3 30 %
13
[1] Smaller Brazilian Vessels include Oil Spill Recovery Vessels, Fast Supply Vessels and Crew Boats

14. Financials 2013 - Income Statement
Amounts in USD million
2013
Unaudited
2012
Audited
Operating revenue 364.0 368.2
Operating expenses ( 190.6) ( 210.8)
Administration expenses ( 50.7) ( 47.1)
Operating margin [1] 122.7 110.3
Operating margin % 34 % 30 %
Depreciation and amortisation ( 75.8) ( 82.7)
Gain/(Loss) on sale of fixed assets 30.2 14.1
Gain/(Loss) FX contracts [2] ( 7.8) 12.5
Net financial items [3] ( 51.3) ( 34.8)
Profit before tax 18.0 19.4
Income tax provision 3.6 ( 4.0)
Net Profit 21.5 15.4
Net profit attributable to non-controlling interest ( 0.5) ( 1.9)
Net profit attributable to shareholders 22.0 17.3
Earnings per share 0.06 0.04
Average number of shares outstanding 389 078 395 665
Notes:
[1] Operating revenue less
operating expenses
[2] Revaluation of off-balance
sheet currency contracts entered
into in order to hedge both
operating expenditures and
future yard instalments in foreign
currencies
[3] Including revaluation of non-
USD currency balance sheet
items and mark-to-market effects
on interest rate derivatives
14
The Board of Siem Offshore will propose that the Company’s
shareholders approve payment of dividend at the upcoming Annual
General Meeting scheduled for 2 May 2014.

15. Financials 2013 - Adjusted Net Profit
Amounts in USD million
2013
Unaudited 2012 Audited
Net Profit (loss) 21.5 15.4
Unrealized (profit) loss on currency derivatives [1] 12.2 (6.9)
Unrealized (profit) loss on interest rate derivatives [2] (8.4) 5.7
Other unrealized (profit) loss on currency positions [3] 17.2 (2.8)
Adjusted Net Profit (loss) 42.6 11.4
Notes:
1) Unrealised profit and loss from currency derivatives relates to financial instruments
entered into in order to hedge operational cash flows and future yard instalments in
foreign currencies
2) Unrealised profit and loss from interest rate derivatives relates to mark-to-market
valuations of financial instruments entered into in order to manage interest rate risk
3) Other currency positions includes unrealized profit and loss from balance sheet items
denominated in foreign currencies in subsidiaries
15

16. Financials 2013 - Financial Position
Comments:
1. Book equity ratio of ~ 42%.
2. Fleet value adjusted equity ratio at
~50%.
3. Secured bank debt to market value of
fleet at ~45%.
4. Net interest bearing debt as of 31.12
2013 of USD 860 million compared to
USD 690 million year end 2012.
5. Current cost of debt approximately
4.5% p.a., including the effect of
interest rate derivatives.
Current Liabilities
Non-Current
Liabilities
Total
Equity
Other Cur. Assets
Cash & Equiv.
Non-Current
Assets
(all in USDm)
16

17. Contents
17
1. Company Overview
2. Financials 2013
3. Future Yard Instalments, Financing and Contract Backlog
4. Market Comments
5. Appendices

18. Future Yard Instalments and Debt Financing 2014-2016
Comments:
1. The graph reflects; i) future yard instalments for all 15 vessels under construction, ii) committed
mortgage debt (red), iii) assumed new mortgage debt (green), and iv) financing gap to be funded
by cash from operations and issue of bonds.
2. Yard instalments for shipbuilding contracts are normally paid with 20% during construction and 80%
at delivery, alternatively 10% during construction and 90% at delivery.
18
Total financing gap in the
period 2014-16 of approx. USD
200 million
Assumed new mortgage debt
of approx. USD 520 million

19. Financing – Scheduled Debt Maturity Profile 2014-2019
19
Comments:
1. The graph reflects committed and assumed mortgage debt for all 15 vessels under construction
2. Gross debt expected to peak in 2016 based on existing financing and estimated financing for vessels under
construction
3. Loan to value at low ratios for balloon instalments of mortgage debt (2015 and 2017), i.e. low refinancing risk
4. Balloon instalment in 2015 of mortgage debt (6 AHTS vessels) can be postponed to 2018 subject to continued
long-term vessel employment
5. NOK 600 million (USD 98.6 million) of unsecured bonds with maturity in 2018

20. Contract Backlog – Vessels in Operation
20
2014 2015 2016 2017
Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Siem Sasha PSV 100 %
Siem Sophie PSV 100 %
Siem Louisa PSV 100 %
Siem Hanne PSV 100 %
Siddis Skipper PSV 51 %
Siem Carrier PSV 100 %
Siem Supplier PSV 100 %
Hugin Explorer PSV 100 %
Siem Atlas PSV 100%
Siem Sailor PSV 51 %
Siem Pilot PSV 51%
Siddis Mariner 1) PSV 51%
Siem Marlin OSCV 100%
Siem Stork OSCV 100%
Siem Daya 1 OSCV 100%
Siem Daya 2 OSCV 100%
Siem Pearl AHTS 100%
Siem Emerald AHTS 100%
Siem Sapphire AHTS 100%
Siem Aquamarine AHTS 100%
Siem Ruby AHTS 100%
Siem Topaz AHTS 100%
Siem Diamond AHTS 100%
Siem Amethyst AHTS 100%
Siem Garnet AHTS 0%
Siem Opal AHTS 0%
Total order backlog in % and USD mill. 75% 283 41% 163 23% 89 15% 63
Sold medio January 2014
1) Employment for the PSV “Siddis Mariner” includes firm time charter with options for Siem Offshore Contractors
2) Employment for the AHTS Vessel “Siem Garnet” includes firm time charter for Siem Offshore Contractors
Contract Contract option Spot work

21. Contract Backlog – Vessels in Operation (cont.)
2014 2015 2016 2017
Vessel Type Ownership 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Big Orange XVIII WSV 41 %
Joides Resolution SPV 100 %
Burin Sea AHTS 50%
Panuke Sea PSV 50%
Ryan Leet MPSV 50%
Trinity Sea AHTS 50%
Venture Sea AHTS 50%
Scotian Sea MPSV 50%
Total order backlog in % and USD mill. 56% 44 24% 10 1% 0 0% 0
Parnaiba FSV 100 %
Propriá FSV 100 %
Paracaru FSV 100 %
Capela FSV 100 %
Siem Piatã FCV 100 %
Siem Pendotiba FCV 100%
Siem Caetes FSP 100%
Siem Carajas FSP 100%
Total order backlog in % and USD mill. 75% 13 50% 10 50% 10 50% 10
Contract Contract option Spot work
21

22. Contents
22
1. Company Overview
2. Financials 2013
3. Future Yard Instalments, Financing and Contract Backlog
4. Market Comments
5. Appendices

23. Market Comments
1. North Sea market for AHTS vessels and PSVs:
• Number of floaters working in the North Sea expected to increase based on firm contracts for new
rigs
• Increased term demand for production support
• Increased exploration, field development and number of fields on stream is expected to support
demand for both high-end AHTS vessels and large PSVs
• Relative stable fleet of high-end AHTS vessels and several AHTS vessels will leave the region for
employment outside the region during 2014
• Increased global demand for PSVs will likely absorb vessels from the region
2. Long term Global demand for OSCVs:
• Based on an increasing number of subsea wells and installation activity the outlook remains
generally positive. Some development projects have been cancelled and a number of projects are
being delayed. This is likely to have an impact on spending in the offshore oil and gas industry
going forward
3. Long-term Global demand for AHTS vessels and PSVs:
• Positive outlook in Brazil based on firm contracts for Rigs, FPSOs and subsea projects
• Increasing demand in US GoM, West Africa and Oceania
• Prospects for harsh and/or remote areas (Barents Sea, Kara Sea, Canada, Brazil)
23

24. Contents
24
1. Company Overview
2. Financials 2013
3. Future Yard Instalments, Financing and Contract Backlog
4. Market Comments
5. Appendices

25. 2013 2014 2015 2016
41
48
52
56
Vessels in
Operation
Company Overview - Fleet development 2014-2016
- Expanding in attractive subsea segment, adding new vessel technology and entering new segment
• Delivery of first two
OSCVs (in series of
four) ordered at
Norwegian Yard in
2012. Establishing a
further foothold in the
growing market for
subsea construction
vessels.
• Delivery of two Oil Spill
Recovery Vessels in
Brazil.
• Delivery of PSV in Brazil.
• Delivery of Installation
Support Vessel to
support project execution
for Siem Offshore
Contractors
• Delivery of two additional
OSCVs.
• Delivery of first Dual
Fuelled PSV (in series of
six). The Dual Fuelled
PSVs marks a
technology shift for the
PSV fleet.
• Delivery of three
additional Dual Fuelled
PSVs.
• Delivery of Cable Lay
Vessel to support
project execution for
Siem Offshore
Contractors.
• Delivery of two Well-
Intervention Vessels and
entering into new high-
end segment supported
by long term charters
with Helix Energy
Solutions Group. Inc.
• Delivery of two additional
Dual Fuelled PSVs.
41
48
52
56
25

26. • The “JOIDES Resolution” is a dynamically
positioned drillship and floating laboratory
carrying scientists from all over the world.
• On time charter with the International Ocean
Discovery Program (“IODP”).
• Exploring the Earth under the Sea IODP
continues over five decades of international
collaboration to recover geological data and
samples from beneath the ocean floor to
study the history and dynamics of Planet
Earth.
• IODP has options to extend the time charter
until 2023.
• http://www.iodp.org/
• http://joidesresolution.org/
• Built: 1978 (Major Upgrade 2009)
• Length: 143 m Beam: 21 m
• Gross tonnage: 10,282 t
• Accommodation: 130 persons
• Max endurance: 75 days
• Drilling capacity: 2,000 meters into the
seafloor in water depths of up to 7,000
meters
Company Overview – JOIDES Resolution
- a 100% owned Scientific Core Drilling Vessel
26
Scientific Core Drilling JOIDES Resolution - Vessel Specification

27. Company Overview – Siem WIS
- Patented Technology for Managed Pressure Drilling
27
• Developed a Pressure Control Device (“Siem WIS PCD”) that enables new, innovative
and safe operations for:
• Managed Pressure Drilling (“MPD”)
• Under Balanced Drilling (“UBD”)
• Additional barrier above the rig BOP/Annular
• The Siem WIS PCD is based on a unique and patented sealing technology and is a
non-rotating device to cap and seal return mud flow in MPD and UBD operations
• The Siem WIS PCD is tested and qualified by a number of the Major Oil Companies and
NOCs
• The Siem WIS PCD shall be used by M-I Swaco, a Schlumberger company, on five
drilling operations for Statoil in the North Sea, commencing in 2Q 2014
• Siem WIS is also in discussions for other projects for utilisation of the pressure control
device (“PCD”).

28. Financials 2013 - Statement of Financial Position
31.12.2013
Unaudited
31.12.2012
Audited
Intangible assets 41.5 36.3
Vessels under construction 127.7 108.4
Vessels, equipment and capitalized project costs 1 451.4 1 272.3
CIRR loan deposits 41.7 53.2
Investment in associates and other long-term receivables 27.6 11.3
Debtors, prepayments and other current assets 105.0 149.9
Cash and cash equivalents 101.2 107.1
Total Assets 1 896.1 1 738.5
Total Equity 793.9 786.5
Borrowings falling due after 1 year 863.1 714.7
CIRR loan 41.7 53.2
Other non-current liabilities 30.4 24.3
Borrowings falling due within 1 year 98.4 82.3
Trade creditors and other current liabilities 68.5 77.5
Total Liabilities 1 102.2 951.9
Total Equity and Liabilities 1 896.1 1 738.5
Amounts in USD million
• Current cost of debt approximately 4.5% p.a., including the effect of interest rate derivatives.
• Net interest bearing debt of USD 860 million. 28

29. Financials 2013 - Statements of Cash-Flows
Cash flow from operations
01.01.2013 -
31.12.2013
Unaudited
01.01.2012-
31.12.2012
Audited
Profit before taxes, excluding interest 49.2 47.9
Interest paid (32.3) (36.7)
Depreciation and amortization 75.8 82.7
Effect of unreal. currency exchange forward contracts 6.8 (6.9)
Change in short-term receivable and payables (17.5) 22.7
Taxes paid in the period (9.8) (13.9)
Loss (gain) on sale of fixed assets (29.8) (13.7)
Other changes 13.5 (11.8)
Net cash flow from operations 55.9 70.5
Cash flow from investing activities
Investments in fixed assets (329.4) (53.4)
Proceeds from sale of fixed assets 86.0 87.6
Investment in associated companies (14.4) 0.8
Other investment activities 5.4 4.4
Cash flow from investing activities (252.4) 39.4
Cash flow from financing activities
Buyback of own shares (8.7) (2.7)
Proceeds from bank overdraft 1.0 2.6
Proceeds from issue of new equity 0.7 3.5
Proceeds from raising of new long-term borrowing 320.3 8.8
Repayment of long-term borrowing (128.8) (161.8)
Cash flow from financing activities 184.4 (149.8)
Effect of exchange rate differences 6.3 10.3
Net change in cash (5.9) (29.6)
Cash at bank start of period 107.1 136.6
Cash at bank end of period 101.2 107.1
29

30. 30
Comments:
• Figures reflects contract backlog as
of year-end 2013, i.e. excluding the
value of the firm contracts for the 2 x
WIVs agreed in 1Q 2014.
• Firm contracts for vessels:
• 2014 – USD 363 million
• 2015 – USD 246 million
• 2016 onwards – USD 541 million
• Approximately 80% backlog for
vessels covered in 2014 based on
both firm and option contracts
• Average firm contract length on
vessels in operation at 1.8 years
excluding options (4.2 years
including options) as of 31st
December 2013.
• USD 173 million in order backlog
related to Siem Offshore Contractors
Contract Backlog
- Approximately USD 1.3bn of Firm Contract Backlog as of year end 2013.

31. Executive Management Team
Terje Sørensen (1964) - CEO Bernt Omdal (1966) – Chartering Director
• CEO (2005-)
• Previous experience:
CFO of the former Siem Offshore (2001-2005)
CFO in Mosvold Shipping AS
Controller Norsk Skibs Hypotekbank
• Education: Master in Business and Economics from Norwegian School of
Management
• Head of Chartering (2011-)
• Previous experience:
Chartering Director of the company (2008-2011)
More than 20 years of experience within the maritime industry (chartering,
operations and shipbroking)
• Education: Business Economist from BI Norwegian School of Management
Dagfinn B. Lie (1972) - CFO Svein Erik Mykland (1961) - COO
• CFO (2009-)
• Previous experience:
Controller at Siem Offshore (2007-2009)
Positions at Wallenius Wilhelmsen Logistics and ABB Offshore
• Education: Master in Finance & Accounting and an MBA from the Norwegian School
of Economics and Business Administration
• COO (2010-)
• Previous experience:
AHTS Director Siem Offshore (2008-2009)
Broad experience onshore and offshore from the offshore industry for the last 25
years.
Positions at Acergy as Offshore Manager, Remote intervention Manager, Ship
Operation Manger and Group Operation manager
• Education: - Royal Navy and IMCA Diving Supervisor
Tore B Johannessen (1955) – Global HR Director
• Global HR Director (May 2012-)
• Previous experience:
Senior Vice President HR & Organization in TTS Energy
Regional General Manager in DnB, Norway and Vice President HR &
Organization in Hydralift
• Education: : Master of Management from BI the Norwegian School of Management.
B.Sc in Pedagogic and a 2 year graduation from the Norwegian Sports University. 31

32. Eystein Eriksrud (1970) - Chairman David Mullen (1958) – Board member
• Deputy CEO of Siem Industries (2011-)
• Previous experience:
Partner of the law firm Wiersholm Mellbye & Bech (2005-)
Positions at Siem Industries Group and Kvaerner Group
Board experience from Privatbanken ASA and Tinfos AS and many others
• Norwegian citizen
• CEO Shelf Drilling Holdings Limited
• Previous experience:
CEO Wellstream Holdings and Ocean Rig and Senior VP Transocean
Numerous other positions at Transocean, Sclumberger, Geco-Prakla etc
• Education: degree in geology from Trinity College, Dublin, and a master degree in
geophysics from the University College Galway, Ireland.
• Irish citizen
Kristian Siem (1949) – Board member John C. Wallace (1938) – Board member
• Chairman of Siem Industries, Subsea 7 and Siem Industrikapital and director of
Siem Shipping and North Atlantic Smaller Companies Investment Trust
• Norwegian citizen
• Director of Callon Petroleum Co , USA (Chairman of the Audit Committee)
• Previous experience:
25 years as Chairman of Fred. Olsen and board member of Ganger Rolf and
Bonheur
Positions at PricewaterhouseCoopers and Baring Brothers & Co among others
Education: B. Commercial degree majoring in Accounting and Economics from
McGill University, Chartered Accountant
• Canadian citizen
Michael Delouche (1957) – Board member
• President and the secretary of Siem Industries, in charge the operations at the
head office at Cayman Islands and director of Siem Shipping
• Previous experience:
Director of Subsea 7
Audit manager with KPMG Peat Marwick
• Education: Degrees in civil engineering (structural) and business
• US citizen
Board of Directors
32

33. Shareholder information as of 12th of March 2014
33
Shareholder Number of shares Share
SIEM INDUSTRIES INC. 133 279 421 34,2 %
ACE CROWN INTERNATIONAL C/O SINGA STAR PTE L 76 780 808 19,7 %
SKAGEN KON-TIKI 10 977 629 2,8 %
FONDSFINANS SPAR 10 550 000 2,7 %
MP PENSJON PK 9 816 313 2,5 %
SKAGEN VEKST 8 036 317 2,1 %
VARMA MUTUAL PENSION COMPANY 7 885 213 2,0 %
WATERMAN HOLDING LTD 7 457 722 1,9 %
NORDEA BANK NORGE AS SECURITIES OPERATION 5 178 985 1,3 %
DANSKE INVEST NORSKE C/O DANSKE CAPITAL A 5 112 171 1,3 %
SUM TOP 10 SHAREHOLDERS 275 074 579 70,7 %
Sum other shareholders 114 316 698 29,4 %
TOTAL NUMBER OF SHARES ISSUED 389 391 277 100,0 %