Seim Offshore to Use Siem Sailor as FPSO for Pemex

Siem Offshore Inc and a Mexican subsidiary of Energy Sea and Land Projects, Inc. ('ESLP') have entered into a firm 5 year charter for the large-size PSV 'Siem Sailor' for operation as a small FPSO for Pemex in the Gulf of Mexico.

The vessel, 51% owned by Siem Offshore, is under construction in Norway with delivery scheduled in fourth quarter 2007. The charter value for the firm period is approximately US $82 million and the charter will commence upon delivery of the vessel from the yard. The vessel will be modified by ESLP in accordance with the Pemex requirements.

Siem Offshore is pleased to have secured this charter with ESLP for work in Mexico and with Pemex as the ultimate client. The charter reflects Siem Offshore's strategy and ability to provide an economical solution that benefits the customer's operation.

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