Dear stakeholders,

The Annual General Meeting went according to plan on 7th of May and the deal by selling 9 vessels to Kristian Siem was formally approved. So was the new name, Sea1 Offshore, and Siem Offshore Inc. changed to Sea1 Offshore Inc. the same day.

This is a corporate change, meaning that all branch offices and subsidiaries will be affected. All companies under the umbrella of Sea1 Offshore Inc. will be renamed. It is agreed in the Heads of Agreement that ship management will be performed by Sea1 Offshore, at least for a twelve-month period until 1st of April 2025.

Sea1 Offshore owned vessels will also be renamed. The main rule will be to change the prefix only.

For example, Siem Spearfish will be renamed to Sea1 Spearfish. The 9 sold vessels, Siem Topaz, Siem Barracuda, Siem Stingray, Siem Symphony, Siem Pride, Siem Thiima, Siem Pilot, Siem Pearl and Siem Opal, will continue with the same name.

In addition to these 9 vessels, we are also acting as Ship Manager for Siem Day, Siem Challenger and Siem Marlin. This means that we in total have 12 vessels under Ship Management going forward. Our goal is to manage the vessels in the best way forward for the owners, in line with our vision and values.

Rest assured; your points of contact remain unchanged. We want to emphasize that for us, it's business as usual. We will continue to operate all vessels in our fleet, including those now under Siem ownership. The only change you may notice is the replacement of logos at our offices in Brazil, Australia, Canada, and our headquarters in Kristiansand.

Thank you for your continued support and partnership as we embark on this new chapter as Sea1 Offshore. Should you have any questions or concerns, please don't hesitate to reach out to your usual contact person.

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