Siem Offshore Inc. Presentation

CEO – Idar Hillersøy 2 September 2015

Disclaimer

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This presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Siem Offshore (“SIOFF”) and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for the Siem Offshore businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Siem Offshore believes that its expectations and the information in this Report were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Report. Siem Offshore nor any other company within the group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Report, and neither Siem Offshore , any other company within the group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Report. Siem Offshore undertakes no obligation to publicly update or revise any forward-looking information or statements in the Report.

There may have been changes in matters which affect Siem Offshore subsequent to the date of this presentation. Neither the issue nor delivery of this presentation shall under any circumstance create any implication that the information contained herein is correct as of any time subsequent to the date hereof or that the affairs of Siem Offshore has not since changed, and Siem Offshore does not intend, and does not assume any obligation, to update or correct any information included in this presentation. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of the Norwegian courts.

Contents

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1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

4. Market Outlook and Summary

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1 2 3 4 5 6 7 8 9 10

USD

mill

ion

Operating revenue

Operating margin

2005 2006 2007 2008 2009 2010 2011 2012 2013

In Operation 19 21 24 25 29 34 39 Vessels

41 37

Company Overview – Development

• Continued Growth since Incorporation in July 2005 • Financial Development • Fleet Development

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2014

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The Siem Offshore Group

OSV Segment Industrial Segment

AHTS1) OSCV4)

PSV2) ISV

Canadian flagged3) Other vessels

Siem Offshore Contractors

JOIDES Resolution

Siem WIS

Other Investments

• Experienced submarine cable and umbilical installation, repair and maintenance contractor serving the worldwide Offshore Wind farm Renewable Industry as well as the oil and gas.

• Combining extensive in-house engineering expertise with the OSV fleet of the group.

• A scientific core sampling research vessel with a mission to explore the Earth below the oceans of the world in order to investigate the origin and the evolution of the Earth.

• DP, non-riser drilling/core vessel.

• Combat Management Systems for the Brazilian Navy.

• Other investments, including property.

1) Incl. two vessels owned by a partner, 2) Incl. three 51% owned 3) 50% owned, 4) Agreed sale of the OSCV “Siem Daya 1”

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12 1

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• Designed and developed a pressure control device ("PCD") which can improve managed pressure drilling ("MPD") operations.

• 28 000 BHP, bollard pull ~300te. • Average age of 5 years.

• ROV & crane, moonpool. • Average age of 2 years.

• PSVs from ~ 3,500 – 5,500 dwt. • Average age of 7 years.

• Safe transfer of personnel to fixed and floating structures.

• Delivered in 1H 2014.

• Canadian flagged vessels. • Harsh-weather fleet.

• 9 x Brazilian Built vessels. • 1 x Well-stimulation vessel.

Company Overview – Two Primary Segments - The Offshore Support Vessel segment and the Industrial segment

High-End Segment Well-Intervention Vessels

Larger OSCVs AHTS > 25k BHP

PSV > 4k dwt

Mid-Range Segment AHTS > 10k BHP

PSV > 2k dwt

Low-End Segment AHTS < 10k BHP

PSV < 2k dwt

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- Strong Position in Providing High Quality Tonnage to Key Clients Globally

• Larger vessels

• Increased complexity in operations

• Higher barriers to entry

Company Overview – Positioning - Positioned in the High-End Segment of OSV Providers

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Company Overview – OSVs - Tailored for harsh environment and demanding operations

Large PSVs AHTS > 28K BHP

Offshore Subsea Construction Vessels Well-Intervention Vessels

Houston

Accra

Leer

Macaé Rio de Janeiro

Natal Aracaju

Kristiansand (HQ)

Groningen St. John’s Halifax

Perth

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Company Overview - Geographical Footprint - Siem Offshore has Local Presence in Key Markets

Gdynia

2015 1Q 2Q 3Q 4Q

2016 1Q 2Q 3Q 4Q

2017 1Q 2Q 3Q 4Q

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OSRV, Siem Marataizes

CLV, Siem Aimery

PSV DF, Siem Pride

PSV DF, ”TBN 1”

PSV DF, ”TBN 2”

PSV DF, ”TBN 3”

WIV, Siem Helix 1

WIV, Siem Helix 2

AHTS, Avalon Sea (Note 1)

Note 1) Vessel under construction in the 50% owned entity Secunda.

Under Construction Contract Contract option Contract with subsidiary

• Mortgage debt financing secured for all vessels under construction. • The CLV shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects

within the offshore wind farm segment. • Total firm backlog for vessels under construction at approximately USD 761 million as of end second quarter

2015.

7 Yrs Firm + Options

7 Yrs Firm + Options

Long term contract with Subsidiary

8 Yrs Firm + Options

5 Yrs Firm + Options

5 Yrs Firm + Options

Company Overview - Vessels under Construction - Nine vessels under construction, including one vessel for Secunda

Utilizing in-house high-end OSV fleet

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Studies Engineering Contracting

Project Management

CLV (Delivery 2016)

AHTS PSV

ISV

Company Overview – Siem Offshore Contractors - Service offering combines extensive engineering experience with in-house high-end OSV fleet

Strong backlog of

approx. USD 250

million with tier 1

clients in the Offshore

Wind farm Renewable

Industry.

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Company Overview – Siem Offshore Contractors - First two contract awards in the Offshore Wind farm Renewable Industry in final phase

• Awarded in March 2012, scheduled to be completed in 2015.

• Installation of 86 submarine cables providing the inner array grid connection.

• Awarded in February 2013, scheduled to be completed in 2015.

• Installation of 86 submarine cables providing the inner array grid connection.

Company Overview – Industrial Segment

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Overseas Drilling Ltd. (JOIDES Resolution) Siem WIS

The client, TAMRF, has extended the contract for the “JOIDES Resolution” until 30 September 2016 and holds further options to extend the charter until 30 September 2023 on an annual basis.

The Julius project commenced late April and Siem WIS is still onboard “Maersk Gallant” delivering the pressure control device (“PCD”) services. The recent operation for the Julius project has been a success and has again proven the advantages of the PCD technology.

Presently mobilizing for the Gullfaks project.

Contents

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1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

4. Market Outlook and Summary

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Financials - Income Statement - Highlights First Half 2015 (all in USD)

Operating Revenue Operating Margin Net Profit (loss)

• Operating Revenue in first half 2015 positively influenced by project execution in Siem Offshore Contractors (“SOC”) and more vessels in operation compared to same period in 2014.

• Operating Margin in first half 2015 positively influenced by recognition of margin in SOC, more vessels in operation, and effects of cost optimization. Soft short term market in the North Sea puts pressure on margins.

• Net loss of USD 54 million in 1H 2015 includes impairment on vessels values of USD 56 million.

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• Book equity ratio of ~ 34%.

• Cash and cash equivalents of approx. USD 75 million as of 30 June 2015.

• Net interest bearing debt as of 30 June 2015 of USD 1,083 million.

• Current cost of debt approximately 4.3% p.a., including the effect of interest rate derivatives.

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Current Liabilities

Non-Current Liabilities

Total Equity

Other Current Assets

Cash & Cash Equivalents

Non-Current Assets

(all in USDm)

Financials - Financial Position 30 June 2015

Contents

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1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

4. Market Outlook and Summary

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Contract Backlog - Approximately USD 1.62bn of Firm Contract Backlog as of 30 June 2015.

Contract Backlog - OSV Segment - Employment for vessels in operation

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2015 2016 2017 2018

Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Siem Sasha PSV 51 % Sophie Siem PSV 100 % Siem Louisa PSV 100 % Siem Hanne PSV 100 % Siem Carrier PSV 100 % Siem Supplier PSV 100 % Hugin Explorer PSV 100 % Siem Atlas PSV 100% Siem Giant PSV 100% Siem Symphony PSV 100% Siem Pilot PSV 51% Siddis Mariner 1) PSV 51% Siem Marlin OSCV 100% Siem N-Sea OSCV 100% Siem Daya 1 2) OSCV 100% Siem Daya 2 OSCV 100% Siem Spearfish OSCV 100% Siem Stingray OSCV 100% Siem Pearl AHTS 100% Siem Emerald 4) AHTS 100% Siem Sapphire AHTS 100% Siem Aquamarine 3) AHTS 100% Siem Ruby AHTS 100% Siem Topaz AHTS 100% Siem Diamond 3) AHTS 100% Siem Amethyst AHTS 100% Siem Garnet 4) AHTS 0% Siem Opal AHTS 0% Siem Moxie 5) ISV 100%

Total order backlog in % and USD mill. 55% 90 39% 142 27% 99 11% 40

1) Employment for Siddis Mariner includes firm time charter for Siem Offshore Contractors.

2) The backlog for Siem Daya 1 includes an assumption of completion of sale in August 2015.

3) Siem Aquamarine and Siem Diamond currently placed into lay-up

4) Employment for Siem Garnet and Siem Emerald includes firm time charter for Siem Offshore Contractors

5) The ISV Siem Moxie shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable installation projects within the offshore wind-farm segment.

Contract Contract option Spot work Contract with subsidiary

Agreed sold

Contract Backlog - OSV Segment - Employment for vessels in operation (con’t)

2015 2016 2017 2018

Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

Big Orange XVIII WSV 41 % Burin Sea AHTS 50%

Panuke Sea PSV 50%

Ryan Leet MPSV 50%

Trinity Sea AHTS 50%

Venture Sea AHTS 50%

Scotian Sea MPSV 50%

Total order backlog in % and USD mill. 97% 18 67% 23 23% 9 4% 2

Siem Maragogi OSRV 100% Parnaiba FSV 100 % Propriá FSV 100 % Capela FSV 100 % Siem Piatã FCV 100 % Siem Pendotiba FCV 100% Siem Caetes FSP 100% Siem Carajas FSP 100%

Total order backlog in % and USD mill. 100% 13 100% 25 100% 25 82% 22

Contract Contract option Spot work 19

Future Yard Instalments per end 2Q 2015

The Company has secured mortgage debt financing for all of its eight wholly-owned vessels currently under construction.

The AHTS vessel under construction for Secunda is not included in the table. Mortgage debt financing is also secured for this vessel.

Cash balance, cash from operations and Rights Offering of USD 100 million to cover mismatch between future yard instalments and committed debt facilities.

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Amounts in USD million

Future Yard Instalments 2015 2016 Total

OSRVs 5.3 0.0 5.3

PSVs 54.6 107.5 162.1

CLV 0.0 57.8 57.8

WIV 31.8 229.4 261.2

Total 91.7 394.7 486.4

Debt facilities 2015 2016 Total

OSRVs 4.9 0.0 4.9 PSVs 45.8 107.4 153.2 CLV 0.0 55.3 55.3 WIV 0.0 217.0 217.0 Total 50.7 379.7 430.4

• 2015 balloon repayment related to the sale of “Siem Daya 1” • Extension agreed on maturity for mortgage debt financing (6 AHTS vessels) from 2015 to 2018. • USD 60 million revolving credit facility with Siem Industries Inc. included with maturity in 2017. • Loan to value at low ratios for balloon instalment of mortgage debt financing in 2017, i.e. low refinancing risk. • NOK 600 million (USD 76.4 million) of unsecured bonds with maturity in 2018. • NOK 700 million (USD 89.1 million) of unsecured bonds with maturity in 2019.

Debt balloon maturities 06.2015-2019 - Low refinancing risk prior to 2018.

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Contents

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1. Company Overview

2. Financials

3. Contract Backlog, Future Yard Instalments and Financing

4. Market Outlook and Summary

• The North Sea spot market for AHTS vessels and PSVs continue to be soft on both rates and utilisation.

• Vessel owners have continued to place vessels into lay-up and additional lay-ups are expected if activity remains weak.

• Projects expected to absorb vessels are cancelled/postponed by oil operators.

• In Brazil, tendering activity for OSVs for the rest of 2015 is expected to be limited.

• In West Africa, the activity level and demand for PSVs and AHTS vessels have dropped, and a large number of vessels are currently idle waiting for work. There are few new tenders for OSVs, and we expect this trend to continue into 2016.

• The outlook for the OSV market is expected to remain challenging.

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Market Outlook

OSV Segment Industrial Segment

• SOC is experiencing an increased tendering activity for EPIC-based contracts for both medium- and high-voltage power cables in the offshore wind farm (“OWF”) market with scheduled marine installation activities in 2017, 2018 and 2019.

• SOC is also tendering for various operations and maintenance contracts.

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Summary

• High-end modern fleet of vessels providing value added services to our clients globally.

• Harvesting on extensive engineering experience, coupled with in-house high-end vessel portfolio, in returning positive project margins in Siem Offshore Contractors.

• Six of nine vessels under construction have secured long term contracts. Mortgage debt financing for all nine vessels has been secured.

• Further positioning the company in the high-end segment following entry into Well-Intervention vessel segment in 2014, with first of two vessels under construction to be delivered in first half 2016 and commence 7 year firm contract from delivery.

• Limited refinancing risk until 2018 related to debt balloon maturities.

• Contract backlog of approx. USD 1.6bn for OSVs and Industrial Segment as of end 2Q 2015.

• USD 100m rights issue, fully underwritten by largest shareholder, secures financial platform going forward. The rights issue will be completed in medio September 2015.

Q&A 25

Thank you for your attention