Siem Offshore: Company Update

Secondly, the Company will issue notices for bondholder meetings in the two unsecured bond issues SIOFF01 and SIOFF02 for the bondholders to consider a proposal where the bonds will be exchanged at 80% of par value to a convertible bond with five and a half years maturity, 2 % cash interest and a NOK3 conversion price.

At the same time, the Company is considering strategic alternatives for its cable lay business Siem Offshore Contractors GmbH and is in negotiations with a potential buyer for this business. The outcome of these negotiations is not yet known and there is no certainty that a transaction will take place.