Siem Offshore Orders Four PSVs

SIEM has ordered four Platform Supply Vessels (PSV) from Aker Brattvaag, a subsidiary of Aker Yards under the agreement announced on October 15, 2004. The new vessels are scheduled for delivery in the second and third quarter of 2006 and are of a Vik Sandvik design 470 mk II.

Total contract value excluding optional equipment for the four vessels is approximately NOK 490 million which is in line with what was agreed per vessel for the two vessels currently under construction.

SIEM expects to finance the vessels through a combination of debt and working capital.

SIEM has option for further two vessels. This option can be exercised during a predetermined interval in the first half of 2006.