Siem Offshore Restructures Business

Siem Offshore Inc. has decided to streamline its business by forming one dedicated organisation for its core offshore vessel business named “Siem Offshore OSV”.

The remaining business consisting of Siem Offshore Contractors, Joides Resolution, Siem Wis, the combat management business in Brazil and certain property investments will be organisationally separated and operated under the name of SIEM Offshore Industrial Investments.

The Board believes that the changes will help focus and develop the core offshore vessel business as well as be beneficial in developing and growing the business in Siem Offshore Contractors and finding strategic solutions for the other businesses.

Initially the split will be implemented in the management organisation. Over time a legal split of the two businesses into separate companies may be implemented.

Terje Sørensen will continue as CEO of SIEM Offshore Inc. and head of Siem Offshore Industrial Investments.

Idar Hillersøy has been appointed as Head of Siem Offshore OSV and will report directly to the Board of Siem Offshore Inc.

Idar Hillersøy has served has CEO of the Company’s 50% owned affiliate Secunda Canada LLP since December 2012, and prior to that was Chief Commercial Officer at Simon Møksters Rederi.

The Company sees several opportunities in Canada and Hillersøy will continue as CEO of Secunda and focus on developing the business in Secunda as part of his tasks.