Petrobras to Charter Siem Offshore Vessels

Petrobras has resolved to charter four of Siem Offshore's AHTS vessels for a firm period of four years.

Petrobras has an option to extend the charters for four additional years, upon terms to be mutually agreed. The contract value for the firm period is approximately USD 285 million (NOK 1.9 billion), net of local taxes. Charter contracts shall be entered into without delay, and the four vessels shall commence operations in Brazil latest within February 2011.

Siem Offshore's activities in Brazil have a history of close to 30 years of operations for the Brazilian offshore oil industry. The contracts for the four AHTS vessels will add to the current Brazilian activities of ten vessels in operation and eight vessels under construction. The contract backlog for such activities stood at USD 355 million at the end of first quarter 2010, with options in excess of USD 310 million.



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