Siem Offshore Inc (the "Company") has made good progress on its financial restructuring (the “Restructuring”). The Restructuring is now expected to close during the first half of May 2021 and is only subject to final documentation.

On 29th of April an Extraordinary Meeting of Shareholders approved an increase in the Company’s authorized share capital and a 100:1 reverse split of its shares. The increase in authorized share capital is required to implement the Restructuring. The reverse split will be implemented at closing of the Restructuring.

Significant progress has been made in Brazil. The Company has received credit approval for a restructuring proposal reducing debt service payments by approximately $ 45 million until end 2027. The proposal also includes extension of final maturity until 2034. Final documentation is expected to be concluded imminently.

The final documentation with the European Secured Lenders is in an agreed form. The documentation is expected to be signed by the Company and the Lenders in the
coming days. The European Secured Lenders have agreed to extend the current standstill until 31 May 2021 to allow the Company to complete the final documentation and close the Restructuring.

For further information, please contact:

Dagfinn B. Lie
Chief Financial Officer
Siem Offshore Inc.
Phone +47 901 99 051