Siem Announces Three-year Charter for PSV

Siem Offshore Inc and Five Oceans Services GmbH have entered into a firm three-year charter for the large-size PSV "Siem Carrier" for operation as a world-wide Cable Lay, ROV and Offshore Construction Support Vessel. The contract will commence in fourth quarter 2007. The commercial terms of the contract are confidential between the parties.

Siem Offshore Inc expects to invest USD 6 million in upgrade of the vessel prior to commencement of the contract.

Siem Offshore Inc is an owner and operator of vessels for the global oil and gas service industry. The fleet of 37 vessels, 16 of which are under construction at yards in Norway, includes Platform Supply Vessels, Multipurpose Field- and ROV Support Vessels and large Anchor Handling Towing Support Vessels.

Five Oceans Services GmbH is a global service provider specializing in the installation, maintenance and repair of submarine cables and offshore umbilicals as well as related ROV and offshore construction support.

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