Mandatory Notification of Trade

Siem Industries Inc., who are represented on Siem Offshore Inc's board through its Chairman Kristian Siem and President Michael Delouche has subscribed for 12,116,310 new shares in the private placement in Siem Offshore Inc.

Siem Industries Inc., who are represented on Siem Offshore Inc's board through its Chairman Kristian Siem and President Michael Delouche has subscribed for 12,116,310 new shares in the private placement in Siem Offshore Inc. Following the private placement, Siem Industries Inc. will hold 133,279,421 ordinary shares in Siem Offshore Inc., leaving Siem Industries Inc.'s relative shareholding in Siem Offshore Inc. constant at 33.7%.