Siem Offshore Inc. Presentation 27 May 2014 CEO Terje Sorensen

Siem Offshore Inc. Presentation 27 May 2014 CEO Terje Sorensen

Disclaimer 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. 2

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

Figures in USD million 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 400 350 300 Operating revenue Operating margin 250 200 150 100 50 0 Vessels 2005 2005 2006 2007 2008 2009 2010 2011 2012 05.07.1905 2013 In Operation 19 21 24 25 29 34 39 Ordered 4 13 14 17 15 9 6 37 41 10 13 4

Company Overview - Geographical Footprint - Siem Offshore has Local Presence in Key Markets Employees: Total Employees: ~ 1,100 Offshore Employees: ~ 850 Onshore Employees: ~ 250 Vessels, including partly owned: Segments Current fleet Under Constr. Total PSV 1) 11 6 17 Halifax Kristiansand (HQ) Leer Groningen Gdynia St. John s AHTS 2) 10 0 10 OSCV 4 2 6 WIV 0 2 2 Canadian fleet 3) 6 1 7 Houston Other 12 3 14 Total 43 14 57 Mumbai Note 1: Three vessels with 51% ownership Note 2: Two vessels owned by partner Note 3: 50% owned by Siem Offshore Natal Accra 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) Macaé Aracaju Rio de Janeiro Perth Secunda Canada LP offices (associated company) referred to as Secunda : -St John s, Halifax (Canada) 5

Company Overview - Fleet in Operation - 43 Vessels in Operation Vessels in operation # 10 1) AHTS Vessels # 4 OSCV # 11 2) PSV (3,600 5,100 dwt) # 18 Other vessels Scientific Core Drilling Vessel # 1 Average age of 2 years Canadian fleet # 6 3) Other vessels # 10 Average age of 4 years Installation support vessel # 1 4) 1) Incl. two vessels owned by a partner 2) Incl. three vessels with 51% ownership 3) 50% owned 4) Delivered from yard 7 th of April 2014. Average age of 8 years 6

Company Overview - Vessels under Construction - 14 Vessels to be Delivered Next 3 Years, including one vessel in Secunda 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 PSV DF, Siem Symphony CLV, Siem Aimery PSV DF, Siem Pride PSV DF, TBN 1 PSV DF, TBN 2 PSV DF, TBN 3 WIV, Siem Helix 1 WIV, Siem Helix 2 AHTS vessel, TBN (Note 1) Note 1) Vessel under construction in the 50% owned entity Secunda. 7

Company Overview - Fleet development 2014-2016 - Expanding in attractive subsea segment, adding new vessel technology and entering new segment Vessels in Operation 41 41 49 48 53 52 57 56 2013 2014 2015 2016 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 two additional Dual Fuelled PSVs. Delivery of Cable Lay Vessel to support project execution for Siem Offshore Contractors. Delivery of one AHTS vessel for Secunda Delivery of two Well- Intervention Vessels and entering into new highend segment supported by long term charters with Helix Energy Solutions Group. Inc. Delivery of two additional Dual Fuelled PSVs. Delivery of first Dual Fuelled PSV (in series of five). The Dual Fuelled PSVs marks a technology shift for the PSV fleet. 8

Company Overview - Vessels under construction - Contract Backlog 2014 2015 2016 2017 Vessel Type Ownership 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 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% Germany, Siem Helix 1 WIV 100% Germany, Siem Helix 2 WIV 100% Poland, TBN (Note 1) AHTS 50% Note 1) Vessel under construction in the 50% owned entity Secunda. Comments: 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 952 million as of end of first quarter 2014. Under Construction Contract Contract option Contract with subsidiary 9

Company Overview - Newbuilding Orders 1Q 2014-2 Well-Intervention Vessels 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 m 2 usable Charterer Helix Energy Solutions Group, Inc. MODU-Class Compliance 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. 10

Company Overview Siem Offshore Contractors ( SOC ) - a 100% owned subsidiary of Siem Offshore Company Profile 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. Status and Highlights Current Backlog of approx. USD 184 million. Inner Array Grid - Amrumbank OWF for E.On - Germany Export Cable - Innogy Nordsee 1 OWF for TenneT - Germany Inner Array Grid - Nordsee 1 OWF for RWE Innogy GmbH 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. ISV (Delivery 2014) CLV (Delivery 2015) MVAC IAG Projects HVAC and HVDC Export Projects 11

Company Overview Siem Offshore Contractors ( SOC ) - Submarine power cable activities by main projects Amrumbank West OWF Baltic 2 OWF Nordsee One Nordsee One OWF Awarded Mar, 2012 Feb, 2013 Dec, 2012 Apr, 2014 Project Installation of 86 submarine cables providing the inner-array grid connecting Installation of 80 submarine cables providing the inner-array grid connecting Consortium EPIC contract for the 155kV export cable system Nordsee One Turnkey EPIC package of the inner array grid cable system for 54 wind turbine generators Project phase Installation works scheduled to commence in May 2014 Installation works scheduled to commence in June 2014 Planning, preparation and engineering Planning, preparation and engineering. Vessel utilisation PSV Siddis Mariner ISV Siem Moxie AHTS Siem Garnet 3 rd Party Vessel PSV Siddis Mariner ISV Siem Moxie AHTS Siem Garnet 3 rd Party Vessel Utilising the resources within the Siem Offshore Group Utilising the resources within the Siem Offshore Group Profit recognition At minimum 25% completion, forecasted to be reached in 3Q 2014. At minimum 25% completion, forecasted to be reached in 3Q 2014. At minimum 25% completion, expected to be reached in 2016. At minimum 25% completion. 1) [1] The marine installation works are currently scheduled to be undertaken in 2016, but are subject to a final investment decision to be taken before end 2014. 12

Contents 1. Company Overview 2. Financials 3. Contract Backlog, Future Yard Instalments and Financing 4. Appendices 13

Financials - Operating Margin First Quarter 2014 Amounts in USD million Operating revenue Operating expenses 1Q 2014 1Q 2013 Operating margin Operating margin % Operating revenue Operating expenses Operating margin Operating margin % PSVs [2] 22.9 ( 11.7) 11.2 49 % 20.5 ( 14.1) 6.3 31 % OSCVs 19.5 ( 6.2) 13.4 68 % 8.2 ( 2.9) 5.3 64 % AHTS vessels 35.1 ( 16.5) 18.6 53 % 25.6 ( 16.1) 9.5 37 % Smaller Brazilian flagged vessels[1] 4.0 ( 4.3) ( 0.3) 7.5 ( 5.0) 2.6 34 % Scientific core drilling 6.4 ( 2.9) 3.5 54 % 10.1 ( 4.6) 5.5 55 % Cable installation [2] 4.9 ( 4.1) 0.8 16 % 4.8 ( 4.4) 0.3 7 % CMS 1.5 ( 1.6) ( 0.0) 2.1 ( 2.0) 0.1 4 % Siem WIS 0.4 ( 0.2) 0.2 60 % 0.1 ( 0.0) 0.1 Other 0.5 0.0 0.5 0.9 0.9 G&A ( 11.0) ( 11.0) 0.0 ( 11.5) ( 11.5) Intercompany eliminations [2] (0.8) 0.8 0.0 Total 94.4 ( 57.5) 36.9 39 % 79.8 ( 60.7) 19.1 24 % [1] Smaller Brazilian flagged vessels include Oil Spill Recovery Vessels and Fast Supply and Crew Boats [2] The PSV segment includes inter-company ( I/C ) revenue from contracting work for the 100% owned subsidiary Siem Offshore Contractors. The offsetting I/C operating expenses are included under the Cable Installation segment. 14

Financials - Income Statement First Quarter 2014 First Quarter Twelve Months Ended Amounts in USD million 2014 Unaudited 2013 Unaudited 2013 Audited 2012 Audited Operating revenue 94.4 79.8 364.0 368.2 Operating expenses ( 46.5) ( 49.2) ( 190.6) ( 210.8) Administration expenses ( 11.0) ( 11.5) ( 50.7) ( 47.1) Operating margin [1] 36.9 19.1 122.7 110.3 Operating margin % 39 % 24 % 34 % 30 % Depreciation and amortisation ( 21.4) ( 18.5) ( 75.8) ( 82.7) Gain/(Loss) on sale of fixed assets 6.7 28.4 29.8 14.1 Gain/(Loss) FX contracts [2] 6.4 ( 1.8) ( 7.8) 12.5 Net financial items [3] ( 9.9) ( 7.4) ( 50.9) ( 34.8) Profit before tax 18.6 19.8 18.0 19.4 Income tax provision ( 0.8) ( 1.0) 3.6 ( 4.0) Net Profit (loss) 17.8 18.8 21.5 15.4 Net profit attributable to non-controlling interest 2.8 ( 1.2) ( 0.5) ( 1.9) Net profit attributable to shareholders 15.0 20.0 22.0 17.3 Earnings per share [4] 0.04 0.05 0.06 0.04 Average number of shares outstanding [5] 387 591 392 311 389 078 395 665 [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 [4] Net profit / Average number of shares outstanding (diluted) [5] Weighted average number of shares outstanding (diluted) ('000) 15

Financials - Adjusted Net Profit First Quarter Twelve Months Ended Amounts in USD million 2014 Unaudited 2013 Unaudited 2013 Audited 2012 Audited Net Profit (loss) 17.8 18.8 21.5 15.4 Unrealized (profit) loss on currency derivatives (6.5) 4.5 12.2 (6.9) Unrealized (profit) loss on interest rate derivatives (0.5) 0.8 (8.4) 5.7 Other unrealized (profit) loss on currency positions 0.1 (1.9) 17.2 (2.8) Adjusted Net Profit (loss) 10.9 22.3 42.6 11.4 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. 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. Other currency positions includes unrealized profit and loss from balance sheet items denominated in foreign currencies in subsidiaries. 16

Financials - Financial Position First Quarter 2014 Comments: (all in USDm) Other Cur. Assets Cash & Equiv. Non-Current Assets Current Liabilities Non-Current Liabilities 1. Book equity ratio of ~ 41%. 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 1Q 2014 of USD 842 million compared to USD 860 million year end 2013. 5. Current cost of debt approximately 4.6% p.a., including the effect of interest rate derivatives. Total Equity 17

Contents 1. Company Overview 2. Financials 3. Contract Backlog, Future Yard Instalments and Financing 4. Appendices 18

Contract Backlog - Approximately USD 1.9bn of Firm Contract Backlog as of end 1Q 2014. Comments: Firm contracts for vessels (USD 1.68bn): 2014 USD 297 million 2015 USD 262 million 2016 onwards USD 1,119 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 31 st March 2014. USD 184 million in order backlog related to Siem Offshore Contractors 19

Future Yard Instalments and Debt Financing 2014-2016 Total financing gap in the period 2014-16 of approx. USD 50 million FRN 14/19 Assumed new mortgage debt of approx. USD 470 million FRN 14/19 Comments: 1. The graph reflects; i) future yard instalments for the 13 vessels under construction by SIOFF, ii) committed mortgage debt (red), iii) assumed new mortgage debt (green), iv) NOK 700m unsecured bond issue in March 2014 (5Yr FRN 14/19) and v) financing gap to be funded by cash from operations and/or 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. 20

Scheduled Debt Maturity Profile 9M 2014-2019 Comments: 1. The graph reflects committed and assumed mortgage debt for all 13 vessels under construction by SIOFF per end of 1Q 14. 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 100.2 million) of unsecured bonds with maturity in 2018. 6. NOK 700 million (USD 116.9 million) of unsecured bonds with maturity in 2019. 21

Thank you for your attention

Contents 1. Company Overview 2. Financials 3. Contract Backlog, Future Yard Instalments and Financing 4. Appendices 23

Company Overview JOIDES Resolution - a 100% owned Scientific Core Drilling Vessel Scientific Core Drilling 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 JOIDES Resolution - Vessel Specification 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 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/ 24

Company Overview Siem WIS - Patented Technology for Managed Pressure Drilling 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 ). 25

Financials 2013 - Operating Margin Amounts in USD million Operating revenue Operating expenses 2013 2012 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 % [1] Smaller Brazilian Vessels include Oil Spill Recovery Vessels, Fast Supply Vessels and Crew Boats 26

Financials - Statement of Financial Position Amounts in USD million 31.03.2014 Unaudited 31.03.2013 Unaudited 31.12.2013 Audited 31.12.2012 Audited Intangible assets 29.5 35.4 29.7 36.3 Vessels under construction 146.3 120.9 127.7 108.4 Vessels, equipment and capitalized project costs 1 437.3 1,249.4 1 440.3 1 272.3 CIRR loan deposits 42.4 50.8 41.7 53.2 Investment in associates and other long-term receivables 27.8 11.1 27.6 11.3 Debtors, prepayments and other current assets 103.9 80.3 134.4 149.9 Cash and cash equivalents 210.9 226.1 101.2 107.1 Total Assets 1 998.0 1,774.1 1 902.7 1 738.5 Total Equity 821.2 797.3 793.9 786.5 Borrowings falling due after 1 year 963.7 753.5 863.1 714.7 CIRR loan 42.4 50.8 41.7 53.2 Other non-current liabilities 24.6 24.4 30.4 24.3 Borrowings falling due within 1 year 88.8 76.9 98.4 82.3 Trade creditors and other current liabilities 57.4 71.4 75.2 77.5 Total Liabilities 1 176.8 976.9 1 108.8 951.9 Total Equity and Liabilities 1 998.0 1,774.1 1 902.7 1 738.5 Current cost of debt approximately 4.6% p.a., including the effect of interest rate derivatives. Net interest bearing debt of USD 842 million. 27

Financials - Statements of Cash-Flows 01.01.2014-31.03.2014 Unaudited 01.01.2013-31.03.2013 Unaudited 01.01.2013-31.12.2013 Audited Cash flow from operations Profit before taxes, excluding interest 27.2 25.4 49.2 Interest paid (10.4) (7.7) (32.3) Depreciation and amortization 21.4 18.5 75.8 Effect of unreal. currency exchange forward contracts (6.5) 4.5 12.2 Change in short-term receivable and payables (3.2) 11.8 (17.5) Taxes paid in the period 1.6 (2.8) (9.8) Loss (gain) on sale of fixed assets (6.7) (28.3) (29.8) Other changes (0.7) (7.1) 11.2 Net cash flow from operations 22.8 14.3 59.0 Cash flow from investing activities Investments in fixed assets (31.7) (15.0) (329.4) Proceeds from sale of fixed assets 25.1 84.2 86.0 Investment in associated companies 0.0 0.0 (14.4) Other investment activities 0.7 1.1 5.4 Cash flow from investing activities (5.9) 70.4 (252.4) Cash flow from financing activities Buyback of own shares 0.0 (4.6) (8.7) Proceeds from bank overdraft 2.5 0.2 1.0 Contribution from non-controlling interests of consolidated subsidiaries 0.8 0.0 0.7 Proceeds from raising of new long-term borrowing 117.5 109.7 320.3 Repayment of long-term borrowing (32.5) (66.3) (128.8) Cash flow from financing activities 88.2 39.0 184.4 Effect of exchange rate differences 4.5 (4.6) 3.2 Net change in cash 109.6 119.1 (5.9) Cash at bank start of period 101.2 107.1 107.1 Cash at bank end of period 210.9 226.1 101.2 28

Contract Backlog Vessels in operation 2014 2015 2016 2017 Vessel Type Ownership 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 % 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 2) AHTS 0% Siem Opal AHTS 0% Siem Moxie 3) ISV 100% Total order backlog in % and USD mill. 77% 222 41% 164 23% 90 15% 64 1) Employment for Siddis Mariner includes firm time charter with options for Siem Offshore Contractors. 2) Employment for Siem Garnet includes firm time charter for Siem Offshore Contractors. 3) The ISV Siem Moxie was delivered 7 th of April 2014 and shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects within the offshore wind-farm segment. Contract Contract option Spot work Contract with subsidiary 29

Contract Backlog Vessels in operation (cont.) 2014 2015 2016 2017 Vessel Type Ownership 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. 69% 37 37% 17 1% 0 0% 0 Marati OSRV 100 % 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. 87% 17 69% 17 67% 16 67% 16 Contract Contract option Spot work 30

Executive Management Team Terje Sørensen (1964) - CEO 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 Dagfinn B. Lie (1972) - CFO 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 Bernt Omdal (1966) Chartering Director 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 Svein Erik Mykland (1961) - COO 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

Board of Directors Eystein Eriksrud (1970) - Chairman 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 Kristian Siem (1949) 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 David Mullen (1958) Board member 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 John C. Wallace (1938) Board member 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 32

Shareholder information as of 26 th of May 2014 Shareholder Number of shares Share SIEM INDUSTRIES INC. 133 279 421 34,4 % ACE CROWN INTERNATIONAL C/O SINGA STAR PTE L 76 780 808 19,8 % SKAGEN KON-TIKI 10 977 629 2,8 % FONDSFINANS SPAR 10 525 000 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 7 866 762 2,0 % DANSKE INVEST NORSKE C/O DANSKE CAPITAL A 5 412 171 1,4 % NORDEA BANK FINLAND EGENHANDELSKONTO 5 190 600 1,3 % SUM TOP 10 SHAREHOLDERS 275 770 234 71,2 % Sum other shareholders 111 821 146 28,9 % TOTAL NUMBER OF SHARES ISSUED 387 591 380 100,0 % 33