Reference is made to the stock exchange announcements by Siem Offshore Inc. (the "Company") on 26 May 2021 regarding the completion of the restructuring and the issuance of 22,950,466,494 new shares in the Company to certain secured lenders, bondholders and other stakeholders in connection with the restructuring. The new shares have been registered in the Norwegian Central Securities Depository today under the Company's ISIN KYG813131011. The registered share capital ofthe Company is USD 238,852,052.71 divided on 23,885,205,271 shares, each with anominal value of USD 0.01.

Following the registration of the 100:1 reverse split of the Company's shares, as further described in the stock exchange announcement on 26 May 2021, the Company's shares, including the new shares, will be transferred to a new ISIN, KYG812291253, from and including 2 June 2021.

For further information, please contact:

Dagfinn B. Lie

Chief Financial Officer Siem Offshore Inc.

Phone +47 901 99 051