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 April2021 in respect of the extraordinary general meeting held on 29 April 2021,whereby the shareholders approved an increase in the Company’s authorized share capital, the main purpose of which is to enable the Board of Directors of the Company to issue shares to the Group's creditors in exchange for cancellation of debt as part of the Restructuring.

The Financial Supervisory Authority of Norway has approved a prospectus prepared by the Company covering the listing on the Oslo Stock Exchange of 22,950,466,494 new shares to be issued in a private placement towards certain secured lenders, bondholders and other stakeholders with payable claims against the Group in connection with the equalization and conversion of approximately USD 269 mill of debt at a conversion price of NOK 0.10 per share as part of the Restructuring.

The Company's board of directors is authorized to issue new shares as required to complete the Restructuring, and to allocate such shares amongst the equitizing creditors. An allocation board meeting is scheduled to be held on closing of the Restructuring 26 May 2021.The new shares are expected to be delivered on 31 May 2021.

The prospectus will be made available at www.siemoffshore.com

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