Siem Offshore Enters Into Agreement for Sale of PSV

The Company has entered into an agreement for the sale of the mid-size PSV “Siem Danis” at a price of USD 34 million.

The delivery is scheduled for first quarter 2012. The sale will represent a gain of approximately USD 14 Million.

The sales proceeds will be used to repay debt of approximately USD 20 Million and to strengthen the Company’s cash position for business development purposes.

About Siem

Siem Offshore was established as a stand-alone company in July 2005 following a spin-off from the company Subsea 7 Inc.

The Company’s fleet includes 45 vessels, of which 7 are under construction. The fleet includes large anchor handling tug supply vessels, platform supply vessels, and other support vessels.

The Company has an integrated operation with offices in Norway, Germany, Brazil and Cayman Islands, and provides a wide range of services from its vessels, equipment and experienced onshore and offshore personnel with high focus on Health, Safety, Environment and Quality.

[mappress]

Offshore Nieuws Staff , December 20, 2011; Image: siemoffshore