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 regarding the increase in the Company’s authorized share capital and a 100:1 reverse split of its shares required to implement the Restructuring and status on the negotiations with the European secured lenders and the Brazilian banks.

Final documentation has now been agreed and signed with both the European secured lenders and the Brazilian banks and the Company will proceed to close the Restructuring on 26 May 2021. Closing is subject to fulfilment of conditions precedent, including equitization of debt as described in further detail below.

The main terms of the Restructuring agreed with the European secured lenders, the Brazilian banks, key bondholders and shareholders include:

• Total equitization of approximately USD269 mill of debt, including:

   - Bond debt: USD 131 mill

    - Secured bank debt: USD 132 mill

    - Hedging liabilities: USD 6 mill

• The SIOFF 01 bonds will receive a cash payment of the NOK equivalent of USD 4 million, and the residual claim will be converted to equity in the Company.

• The SIOFF 02 bond liabilities will be converted to equity in the Company in their entirety.

• The restructuring agreed with the Brazilian banks includes reducing debt service payments by approximately $ 45million until end 2027 and extension of final maturity until 2034.

• Reinstated debt owed to the European secured lenders following conversion will continue to be guaranteed by the Company and will be serviced in full, in part or by cash sweep only depending on categorization based on contract situation, current market conditions and forecast.

• Extension of maturity for secured facilities with original maturity date before 31 December 2024.

• Revised financial covenants.

• Revised general undertakings.

• The equitized debt will be converted at a conversion rate of NOK 0.10 per share.

• Following equalization, existing shares in the Company will represent close to 4% and the total converted debt will represent approximately 96% of the shares in the Company.

• The extraordinary general meeting held on 29 April 2021 has authorized the Company's board of directors to issue new shares from the Company's authorized share capital for the purpose of the Restructuring and allocate such shares amongst the equitizing creditors. An allocation board meeting is scheduled to be held on closing of the Restructuring 26 May 2021.

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With the restructuring plan implemented, the Company will have a solid and robust balance sheet and be well positioned for further growth and development.

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For further information, please contact:

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Dagfinn B. Lie

Chief Financial Officer

Siem Offshore Inc.

Phone +47 901 99 051