Insider Trading Notice for Siem Offshore

A group of former Rovde Shipping shareholders sold on Dec. 28, 2007 the total of 5 million shares in Siem Offshore Inc. The price was set based on an average price of of the two last trading days (22nd and 27th) at 18,80 NOK per share.

As a part of this transaction, Oddvar Strand, COO of Siem Offshore Inc, sold 200.000 shares. Following this sale, he owns, privately and through his investment company, a total of 1.600.787 shares.

As a part of this transaction also, Ulf H Sordal, member of the board of the company, sold through Jokul AS, a family investment company, indirectly owned 320.900 shares. Following the sale of these shares he indirectly holds the ownership of 325.607 shares in the company. Jokul AS holds the total of 1.836.000 shares after the transaction.