Issue of new Shares

Reference is made to Siem Offshore Inc’s (the “Company”) announcement on 7 July 2010 that the Company had raised gross proceeds of NOK 349 million in a private placement directed towards international professional investors after the close of Oslo Stock Exchange on 6 July 2010.

A total of 35.98 million new shares were subscribed for at a subscription price of NOK 9.70 per share.
The Board of Director’s of the Company has now resolved to issue and deliver the new shares. The new shares are automatically listed on Oslo Stock Exchange from today.
The total number of issued shares in the Company following the private placement is 395,751,640, each with a nominal value of USD 0.01. The total issued share capital of the Company following the private placement is USD 3,957,516.40.
Fondsfinans ASA acted as manager for the private placement.

For further enquiries, please contact:
Terje Sørensen, CEO
+ 47 91 31 61 64