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8 March, 2022. Siem Offshore Inc (SIOFF) today announced a plan for a re-domiciliation of the company whereby a new Norwegian holding company will be established for the SIOFF group.

The board has decided to propose to shareholders the re-domiciliation by way of Siem Renewables AS making a share-for-share offer for all the outstanding shares in SIOFF (the "Offer"). Siem Renewables AS is currently an empty company indirectly owned by Siem Industries S.A. As part of the process, Siem Renewables AS will be converted into a public limited liability company and change its name to Siem Sustainable Energy ASA ("SSE"). If the Offer is successful, SIOFF will become a subsidiary of SSE, in which case it will be the intention to de-list SIOFF from the Oslo Stock Exchange. SSE will apply for a listing on the Oslo Stock Exchange as part of the process.

The contemplated new group structure will pursue new operations aimed at the energy sector, including renewable energy. The intention is that SIOFF's existing business, with a fleet mainly deployed in the oil and gas sector, will be continued in SIOFF while new renewable energy related business will be developed in a separate subsidiary owned by SSE.

The composition of the board in SSE will reflect continuity and the management in SSE will be the same as in SIOFF today.

The Offer is expected to be subject to customary conditions, including:

(i)           Valid acceptance of the Offer by no less than 95% of the outstanding shares in SIOFF

(ii)          SSE being admitted to listing on the Oslo Stock Exchange.

(iii)         Any required consents under the existing financing agreements of the SIOFF group

SSE will reserve the right to waive the conditions to the Offer, including by way of reducing the acceptance level condition.

Upon completion of the Offer, in respect of 95% or more of the shares in SIOFF, the intention is to carry out a squeeze-out of the remaining out standing shares in SIOFF. SSE has secured commitments of an equity issue of up to NOK 80 million to finance a squeeze-out.

Shareholders representing approx. 38% ofthe shares in SIOFF have expressed their support of the Offer.

The Offer will be made on the basis of acombined offer document and listing prospectus. The document will be subject tothe approval of the Oslo Stock Exchange as an offer document pursuant to therules of chapter 6 of the Norwegian Securities Trading Act and the approval ofthe Norwegian Financial Supervisory Authority as a prospectus pursuant to the EU Prospectus Regulation.

The company seeks to complete there-domiciliation during the first half of 2022.

*** Contact:

CEO Bernt Omdal +47 91522299

CFO Vidar Jerstad +47 93426335

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements according to section 5-12 of the Norwegian Securities Trading Act. The information was submitted for publication, by the SIOFF contact person set out above on 8 March 2022 at 9:20 CET.

The Offer and the distribution of this announcement and other information in connection with the Offer may be restricted by law in certain jurisdictions. When published, the Offer Document and related acceptance forms will not and may not be distributed, forwarded or transmitted into or within any jurisdiction where prohibited by applicable law, including, without limitation, Canada, Australia, New Zealand, South Africa, Hong Kong and Japan. The Offeror does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.

This announcement is not a tender offer document and, as such, does not constitute an offer or the solicitation of an offer to acquire the Shares. Investors may accept the Offer only on the basis of the information provided in the Offer Document. Offers will not be made directly or indirectly in any jurisdiction where either an offer or participation therein is prohibited by applicable law or where any tender offer document or registration or other requirements would apply in addition to those undertaken in Norway.

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