Reference is made to previous stock exchange notice by Siem Offshore Inc. (the "Company" and together with its subsidiaries, the "Group") on 30 April 2021
pertaining to 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 and a 100:1 reverse split of its shares in connection with the financial restructuring of the Group (the "Restructuring").

The EGM has authorized the Company's board of directors to issue new shares to equitizing creditors as part of the Restructuring and to carry out a consolidation (reverse split) of the Company's shares, subject to the completion of the debt to equity conversion in connection with the Restructuring.

Please note the following key dates for the share consolidation:

Date on which the corporate action was made public: 29 April 2021 Share consolidation (reverse split) ratio: 100 old shares give 1 new share
Last day including right: 1 June 2021
Ex-date: 2 June 2021
Record date: 3 June 2021
Date of approval: 26 May 2021

Fractions of shares will be rounded down to the nearest whole share per VPS account. Fractions of shares shall be combined in VPS and shall be cancelled, sold or otherwise administered by the Company at the Board of Directors' discretion.

In connection with the share consolidation, the Company's shares will be transferred to a new ISIN.

Please note the following key dates for the change of ISIN:

Issuer: Siem Offshore Inc.
Previous ISIN: KYG813131011
New ISIN: KYG812291253
Date of ISIN change: 2 June 2021

This information is published in accordance with the Continuing Obligations.

For further information, please contact:

Dagfinn B. Lie
Chief Financial Officer
Siem Offshore Inc.
Phone +47 901 99 051