Subsea 7 Charters New Siem Vessel

Siem Offshore Inc. and Subsea 7 Inc. have entered into a 5-year firm charter contract for Siem Offshore's Multipurpose Field- & ROV Support Vessel of MT6016L design.

The commercial terms of the contract are confidential between the parties. The vessel is under construction at the Kleven, Norway yard and is scheduled for delivery in March 2008. The charter period will commence upon the delivery of the vessel.

The work scope of the vessel will be ROV and construction activities within the natural design capabilities and capacities of the vessel.

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