Reference is made to previous stock exchange notices by Siem Offshore Inc. (the "Company" and together with its subsidiaries, the "Group") pertaining to the proposed financial restructuring of the Group's debt and equity (the "Restructuring"), including the stock exchange notice of 30 April 2021 in respect of the extraordinary general meeting (the"EGM") held on 29 April 2021, whereby the Company's shareholders approved an increase in the Company’s authorized share capital, the mainpurpose of which is to enable the board of directors of the Company (the "Board") to issue shares to the Group's creditors in exchange for cancellation of debt as part of the Restructuring.

The Company has completed the Restructuring, including the allocation meeting of the Board pursuant to the authorization given to it at the EGM. As per the Board's decisions, the Company has issued 22,950,466,494 new shares to certain secured lenders, bondholders and other stakeholders with payable claims against the Group in connection with the equalization and conversion of approximately USD269 mill of debt at a conversion price of NOK 0.10 per share as part of the Restructuring. Following the issuance of the new shares, the Company's issued share capital is USD 238,852,052.71 divided in 23,885,205,271 shares, each with a nominal value of USD 0.01. The new shares will be registered in the Norwegian Central Securities Depository (VPS) on or about 31 May 2021. Following such registration, the Company will carry out a consolidation (reverse split) of the Company's shares and notice of key information in this respect will follow.

Upon completion of the Restructuring, as a result of conversion of the SIOFF02 bonds and certain debt purchase transactions, the Company's main shareholder, Siem Sustainable Energy S.à r.l., an indirect wholly owned subsidiary of Siem Industries and a close associate to Kristian Siem who is a member of the Company's Board, will retain an ownership share of 8,026,059,671 shares equal to 33.6% of the share capital and voting rights in the Company. Enclosed is a form with further details about Siem Sustainable Energy S.à r.l.'s transactionin the shares as a close associate to a primary insider in the Company.

For furtherinformation, please contact:

Dagfinn B. Lie

Chief Financial Officer Siem Offshore Inc.

Phone +47 901 99 051