SIEM Reorganizes and Changes Name

Following the acquisition of the remaining 50% of Subsea 7 Inc. in January this year and Siem Offshore Inc. becoming the 100% owner of Subsea 7, the Board of Siem Offshore has decided to merge the organizations of Siem Offshore and Subsea 7. Mel Fitzgerald, the CEO of Subsea 7 will assume the same role also for Siem Offshore. It will be proposed to the Annual General Meeting (AGM) of Siem Offshore that Magne Kristiansen be appointed to the Board as a non executive director. He will step down from his executive role in the Company at the AGM to be held on July 15, 2005.

Further, the Board of Directors will propose to the AGM that the name of the holding company of the group be changed from Siem Offshore Inc to Subsea 7 Inc.

CEO Magne Kristiansen comments: "I see this as a natural and logical development for the Company following the successful acquisition of all the shares in Subsea 7 and the size and importance which Subsea 7 represents within the group".

Chairman Kristian Siem comments: "This reorganization is a rational consequence of the core focus on Subsea 7, and is right for the Company. I thank Magne Kristiansen for his excellent administration of the Company during five challenging years and for his contribution in the reorganization of the Company."


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