Siem WIS Enters into Additional Contract with M-I Swaco

Siem WIS has entered into an additional contract with M-I Swaco for the supply of its pressure control device (“PCD”) services.

The Siem WIS PCD services shall be used in connection with M-I Swaco’s manage pressure drilling (“MPD”) services for Statoil on the Romeo and Julius project in the North Sea.

The operations shall commence in second quarter 2014.

The contract award is another important acknowledgement of the PCD system developed by Siem WIS. The PCD system has passed all qualification tests asked by various oil companies with excellent results, including the most rigorous test ever performed for this kind of technology.

The contract also represents an important milestone for Siem WIS unique technology within underbalanced and managed pressure drilling operations (UBO/MPD). The technology improves the control and enhances the safety in these kinds of operations.

Press Release, September 17, 2013