Siem Offshore New York, 6 October 2010

Chairman – Kristian Siem

Siem Group Activities Subsea 7 Inc.

Siem Offshore Inc

Offshore Services

Ocean Shipping

Mining Siem Industries Group

Agriculture

Tourism 2

Siem Group Offshore Services Subsea7

SURF - Underwater construction

Siem Offshore

Service vessels

Siem Wis

Controlled pressure drilling technology

WellCem

ThermasSet, cement for wells

3

Group Principles and Values Group Principles • No discrimination • No politics

• Unlimited opportunity for all • Arrogance is a handicap – Humility is a virtue

Group Values • Honest, High Quality, and Profitable

• Reliable, Steady and Predictable Partner • Long term approach 4

Summary • Established in July 2005 as a spin-off from Subsea 7 • Market capitalization $ 610 million •

Siem Industries holds 34%, Management ~1%.

• Firm Backlog at $ 1 billion • $ 1.7 billion Investments in new fleet • Fully financed newbuilding program

5

First Five Years’ Accomplishments • Fleet • Grown the fleet to 45 vessels through mergers, acquisitions, and newbuildings.

• HSEQ • Established as a reliable provider of quality services from vessels and personnel. • Good Safety Record as result of attitude, training, and QA-system.

• Revenue CAGR 300% • Financing • Raised $ 449 million in new equity. • Established Debt Facilities of $ 1.0 billion.

6

Organization Offices: • Norway • Brazil

• India • Turkey

Employees:

= SIOFF Offices

• Onshore personnel: 187

• Offshore personnel: 755

7

Best way to improve safety is through training • New dedicated AHTS vessel simulator. • Extensive Training Program.

8

Fleet of High-End Offshore service vessels

• • •

•

PSV (3,600 – 4,700 dwt)

MRSV

AHTS

14

4

10 *)

Transport supplies to and from offshore installations Deck cargo, containers and pipes Dry and liquid products in underdeck tanks ROV-support vessels, seismic vessels, well stimulation vessels

*) Incl. two vessels owned by a partner

• • • • •

Subsea construction support ROV operations Diving support Supply duties Inspection, repair and maintenance of subsea installations

• • • • • • •

Pre-laying of anchor systems Anchor handling Towing and mobilisation Chain work and inspection Ploughing and trenching Inspection repair and maintenance Subsea installation General supply service ERRV services, Oil Recovery, FiFi 9

Fleet of Niche operating vessels 2 OSRVs (new)

2 FSV (new)

2 FCV (new)

1 Core Drilling Vessel

1 Well Stimulation Vessel

9 Old Brazilian fleet

10

Siem Offshore Fleet

Vessel Fleet Mid size PSV Large size PSV MRSV AHTS Brazilian fleet Non core Total

Units Average Age 7 4 7 5 4 2 10 0 15 17 2 29 45 9

• Average age of AHTS, PSV, MRSV < 3 years.

11

Vessels in Operation

PSV Fleet Employment 2010

Vessel

Ownership

Siem Sasha

100 %

Siem Sophie

100 %

Siem Louisa

100 %

Siem Danis

100 %

Siem Mollie

100 %

Siem Hanne

100 %

Siddis Skipper

51 %

Siem Carrier

100 %

Siem Supplier

100 %

Hugin Explorer

100 %

Siem Sailor Siem Pilot

51 %

4Q

94%

44

1Q

2Q

3Q

76%

90

2012

4Q

1Q

2Q

3Q

43%

56

2013

4Q

1Q

2Q

3Q

19%

25

2014

4Q

1Q

2015

2Q

3Q

0%

0

4Q

1Q

2Q

3Q

4Q

51 %

Total order backlog in % and USD mill.

Contract

3Q

2011

Contract option

Spot work

12

Vessels in Operation

MRSV and AHTS Fleet Employment 2010

Vessel

Ownership

Siem Swordfish

100 %

Seven Sisters

100 %

Siem Marlin

100 %

Adams Vision

100 %

Total order backlog in % and USD mill.

2011

3Q

4Q

100%

23

1Q

2010

Vessel

Ownership

Siem Pearl

100 %

Siem Emerald

100 %

Siem Sapphire Siem Aquamarine Siem Ruby

100 %

Siem Topaz

100 %

3Q

4Q

31%

14

2Q

3Q

82%

44

2012

4Q

1Q

2011

1Q

2Q

3Q

54%

59

2Q

3Q

62%

31

2013

4Q

1Q

2012

4Q

1Q

2Q

3Q

50%

55

2014

2Q

3Q

14%

8

4Q

1Q

2013

4Q

1Q

2Q

3Q

50%

55

2015

2Q

3Q

0%

0

4Q

1Q

2014

4Q

1Q

2Q

3Q

42%

43

2Q

3Q

0%

0

4Q

2015

4Q

1Q

2Q

3Q

4Q

100 %

100 %

Total order backlog in % and USD mill.

13

Vessels in Operation

Other Fleet Employment 2010

Vessel Big Orange XVIII Joides Resolution

Type

Ownership

WSV

41 %

SPV

50 %

Total order backlog in % and USD mill.

Marati

OSRV

100 %

Marabá

OSRV

100 %

Parnaiba

FSV

100 %

Paropriá

FSV

100 %

Paracaru

FSV

100 %

Capela

FSV

100 %

Piracicaba

FSV

100 %

Parati

FSV

100 %

Atalaia

FSV

100 %

Total order backlog in % and USD mill.

Contract

2011

3Q

4Q

50%

80%

1Q

2Q

3Q

6

50%

10

76%

Contract option

2012

4Q

1Q

2Q

3Q

15

50%

24

56%

2013

4Q

1Q

2Q

3Q

15

37%

18

48%

2014

4Q

1Q

2015

2Q

3Q

11

0%

0

12

20%

4

4Q

1Q

2Q

3Q

0%

0

Spot work

14

4Q

Shipbuilding Contracts

Vessel Deliveries - Approximately 70% contract coverage through 2015 2010

2011

2012

2013

2014

2015

Type

Ownership

Siem Diamond

AHTS

100 %

Siem Amethyst

AHTS

100 %

Brazil 'TBN'

FSV

100 %

Contract USD 23 million

Brazil 'TBN'

FSV

100 %

Contract USD 23 million

Brazil 'TBN'

FCV

100 %

Contract USD 18 million

Brazil 'TBN'

FCV

100 %

Contract USD 18 million

Brazil 'TBN'

OSRV

100 %

Contract USD 94 million

Brazil 'TBN'

OSRV

100 %

Contract USD 94 million

Brazil 'TBN'

PSV

100 %

Brazil 'TBN'

PSV

100 %

Vessel

3Q

4Q

1Q

Type

Ownership

Siem Opal

AHTS

0%

Siem Garnet

AHTS

0%

Under Construction

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

Contract USD 70 million

2010

Vessel

2Q

3Q

4Q

2011 1Q

2Q

3Q

2012 4Q

1Q

2Q

3Q

2013 4Q

1Q

2Q

3Q

2014 4Q

1Q

2Q

3Q

2015 4Q

1Q

2Q

3Q

4Q

Contract

15

Future Yard Instalments Figures in USD million Future yard instalments AHTS Vessels FCVs and FSVs OSRVs PSVs Total Debt financing 1) AHTS Vessels FCVs and FSVs OSRVs PSVs Total

2H-2010

2011

2012

2013

2014

Total

218.8 4.5 17.5 8.1 248.9

73.8 2.5 34.7 0.0 110.9

0.0 1.2 14.1 62.8 78.1

0.0 0.0 0.0 65.1 65.1

0.0 0.0 0.0 0.0 0.0

292.6 8.2 66.3 136.0 503.0

2H-2010 204.1 7.9 25.7 0.0 237.7

2011 66.6 2.5 25.6 0.0 94.7

2012 0.0 0.0 7.7 64.1 71.8

2013 0.0 0.0 0.0 66.6 66.6

2014 0.0 0.0 0.0 0.0 0.0

Total 270.7 10.5 59.0 130.7 470.9

• Newbuilds are fully financed through debt facilities. • Backlog of $1 billion and future work will secure $ 32 million equity portion of capex.

16

Siem WIS – Introduction • Conventional drilling of oil and gas wells has two barriers to control a well flowing (blowout) from an open return to the surface during drilling, represented by: 1. The drilling mud and, 2. The blow-out preventer (BOP).

• Siem WIS has developed a sealing technology that represents a third barrier to control the drilling operations and the well flowing. • Siem WIS has used the sealing technology to design and develop three applications that shall enable a safer and more cost efficient drilling operation, including an improved method for managed pressure drilling (MPD). Circsub RPCD PCD

17 © 2010 Siem WIS AS

Siem WIS – Products Status CircSub Status Pressure Control Device (PCD)  Enables continuous mud circulation  Provides a seal towards the drillpipe for during make and break of pipe. fixed platforms and land rigs and enables MPD operations.  The first unit expected to be built in  First commercial job for Statoil were 2011. completed in July. Operation was performed successfully on Gullfaks field.

Status Riser Pressure Control Device (RPCD)  Isolates the riser annulus below the slip joint to provide a closed loop and enables MPD operations on floaters.  Working close with Statoil FOR further development. 18 © 2010 Siem WIS AS

Siem WISMarket – Market drivers Drilling summary 

Global energy demand growth combined with need for increased oil recovery (IOR) and increasing number of deep sea reservoirs will lead to increasing demand for MPD and Closed Loop Drilling services - More exploration wells. - Longer time to drill wells (deeper, more complex). - Increased production drilling. - More challenging well characteristics and “smaller” drilling window.

Significant drive towards safer drilling, reduction of non productive time and increased drilling efficiency.

19 © 2010 Siem WIS AS

Siem WIS – Client feedback Statoil’s Newsletter ”Well Informed” April, 2010: “The seal and the control system are enabling technologies for closed loop drilling into challenging reservoirs from Mobile Offshore Drilling Units (MODU) in shallow to medium water depth subsea wells, and will in addition cut cost for drilling from fixed rigs at the Norwegian Continental Shelf and world wide. The potential is significant and is assumed to be in the billion NOK range for Statoil alone.”

Statoil quote June 24, 2010: “The PCD system Pilot test at Gullfaks field has in many areas improved the capped MPD technology overall and brought a simpler and safer system into to the industry: both technically and for the crew working on the rig floor”

20

WellCem Introduction • WellCem has developed ThermaSet® which is a particle free polymer with low viscosity that can penetrate and seal micro fractures in cement or formations. It can be injected at low pressures and rates over an extended period, and not induce new fractures.

 Recently public officials have expressed concern that the current practice of sealing wells is inadequate. ThermaSet® meets the need to improve the sealing of wells, as it is the main alternative to cement.  Target Applications for ThermaSet®

:

 Cementing of casing, P&A  Plugging of control lines  Zonal isolations

21

Market overview Global OSV Fleet

SIOFF Position

• Approximately 2,600* vessels worldwide, of which:

•

10 AHTS vessels of 28,000 BHP

•

14 PSVs >3,500 DWT

• • •

19% are AHTS > 10,000 BHP 8% are AHTS > 16,000 BHP 3% are AHTS > 20,000 BHP

SIOFF

• •

27% are PSVs > 2,000 DWT 13% are PSVs > 3,500 DWT

1200 Vessels

• Average age for the global fleet is 13 years. • 30% of the global fleet>25 years.

AHTS > 10,000 BHP PSV > 2,000 DWT

1400 Vessels AHTS < 10,000 BHP PSV < 2,000 DWT

* Including newbuilds 22 © Siem Offshore, ODS Petrodata

Market drivers Annual Units Market Drivers FPSOs Installed Subsea Development Wells

Installed Pipes Deep Water (km)

2010 11

2014 18

300

500

3,000

5,000

© ODS Petrodata

• Industry forecasts strong growth in coming years.

• 30% growth in rig fleet 2009-2013. • Assuming 85-90% utilization = increased activity.

23 © Siem Offshore, ODS Petrodata

World High-End Fleet growth - Supply growth easing from 2010/2011

• SIOFF’s 10 AHTS all have 28,000 BHP.

• All of SIOFF’s PSVs in this category.

24 © Siem Offshore, ODS Petrodata, Carnegie

Geographical Footprint and Clients Regions: North Sea

Clients:

Mediterranean

Petrobras

Black Sea

Middle East India Brazil Gulf of Mexico North America West Africa Far East

… and others 25

Appendices

Shareholder information As per 24 September 2010 SHAREHOLDER SIEM INDUSTRIES INC. ACE CROWN INTERNATIONAL LIMITED MP PENSJON VERDIPAPIRFONDET HANDELSBANKEN SKAGEN VEKST OJADA AS ROVDEFRAKT AS ODIN OFFSHORE HOLBERG NORGE DNB NOR SMB BARCLAYS CAPITAL SECURITIES LTD. SHB STOCKHOLM CLIENTS ACCOUNT KNARDAL INVEST AS ROVDE INVEST AS VERDIPAPIRFONDET FONDSFINANS SPA JP MORGAN CLEARING CORP. FONDSFINANS ASA ODIN NORDEN PUMPØS A/S OPSAHL TOTAL 20 LARGEST OTHER TOTAL

SHARES 133,279,421 33.68% 76,780,808 19.40% 9,096,313 2.30% 8,550,000 2.16% 8,219,897 2.08% 5,213,000 1.32% 5,098,153 1.29% 5,000,000 1.26% 4,544,148 1.15% 4,486,964 1.13% 4,347,449 1.10% 3,992,629 1.01% 3,880,230 0.98% 3,829,352 0.97% 3,700,000 0.93% 3,546,268 0.90% 3,207,236 0.81% 3,135,250 0.79% 2,882,574 0.73% 2,787,916 0.70% 295,577,608 74.69% 100,174,032 25.31% 395,751,640 100.00%

AUTHORISED NUMBER OF SHARES ISSUED NUMBER OF SHARES SHARES AVAILABLE AT THE BOARD'S DISCRETION

550,000,000 395,751,640 154,248,360

27

Income Statement First Five Years Amounts in USD millions Operating Revenue Operating expenses Administration expenses Operating margin [1] Depreciation and amortisation Gain/(Loss) on sale of assets Gain/(Loss) FX forward contracts Net financial items [3] Profit before tax Income Tax Provision Net Profit

[2]

Attributable to minorities Attributable to equity holders Net Profit Earnings per share [4] Average number of shares outstanding

[5]

30.06 2010 Unaudited 109.4 ( 60.7) ( 11.6) 37.2 ( 23.6) 0.2 ( 19.1) ( 15.0) ( 20.3) ( 0.5) ( 20.8)

2009 Audited 183.6 ( 106.0) ( 19.6) 57.9 ( 37.2) 1.0 58.9 21.3 102.0 1.8 103.8

2008 Audited 192.8 ( 88.4) ( 16.7) 87.7 ( 32.1) (7.7) ( 47.3) ( 24.5) ( 23.8) ( 1.9) ( 25.8)

2007 Audited 159.3 ( 67.7) ( 11.9) 79.8 ( 19.0) (0.2) 39.6 (1.3) 99.0 ( 12.6) 86.4

2006 Audited 73.6 (44.8) (8.3 20.5 (10.9) 11.2 20.8 4.2 45.7 (1.2) 44.5

0.1 ( 20.9) ( 20.8)

1.4 102.4 103.8

1.8 ( 27.6) ( 25.8)

(1.3) 87.7 86.4

(0.5) 45.0 44.5

0 (2.1) (2.1)

( 0.06) 359 774

0.35 292 474

( 0.11) 253 892

0.45 194 811

0.28 158 791

(0.02) 134 463

[1] Operating revenue less operating expenses [2] Revaluation of off-balance sheet currency exchange contracts entered into in order to hedge future yard installments [3] Including revaluation of non-USD currency balance sheet items [4] Net profit / Average number of shares outstanding (diluted) [5] Weighted average number of shares outstanding (diluted) ('000)

2005 Total Audited Unaudited 13.2 731.9 (5.7) ( 373.3) (6.9) ( 74.9) 0.6 283.7 (2.0) ( 124.7) 0 10.7 (3.1) 43.7 3.3 (12.0) (1.2) 201.4 (0.9) (15.4) (2.1) 186.1

1.5 184.6 186.1

28

Statement of Financial Position 30.jun 2010 Unaudited 14.0

30.jun 2009 Unaudited 12.7

31.des 2009 Audited 14.1

Vessels under construction

195.8

172.0

208.5

Vessels. equipment and other

841.4

557.1

761.9

CIRR loan deposits

63.5

69.6

73.2

Investment in associates and other long-term receivables

38.0

23.7

33.4

Debtors, prepayments and other current assets

92.5

93.2

101.2

Cash and cash equivalents

28.0

49.7

91.1

1 273.3

978.0

1 284.0

582.2 461.6

485.8 308.1

702.7 403.1

63.5

69.6

73.2

9.2

14.0

8.2

Borrowings falling due within 1 year

99.3

63.5

43.0

Trade creditors and other current liabilities

57.3

37.0

53.6

691.0

492.3

581.3

1 273.3

978.0

1 284.0

(Amounts in USD million)

Intangible assets

Total Assets Total Equity Borrowings falling due after 1 year CIRR loan Other non-currant liabilities

Total Liabilities Total Equity and Liabilities

29