Siem Reels in Gullfaks PCD Contract

Siem WIS AS, a company 60% owned by Siem Offshore, has entered into its first commercial contract for Siem WIS' Pressure Control Device ("PCD") with Statoil ASA.

The PCD was recently qualified for managed pressure drilling ("MPD") operations at Ullrigg test facilities in Stavanger.

The operation will be performed on Statoil's Gullfaks field in the Norwegian North Sea. The equipment is mobilized, and the work is to commence in 1Q 2010.