Siem Offshore raises funds in private placement

Company News - July 2, 2009

Siem Offshore in Norway has announced that the company has successfully raised gross proceeds of NKr 900 million in a private placement directed towards professional Norwegian and international investors.

105,882,353 new shares will be issued in relation to the private placement at a price of NKr 8.50 per share. The share issue represents approximately 41.7 per cent of the current outstanding number of shares in the company.

Terje Sørensen, CEO of Siem Offshore, said: "We are pleased to see this equity issue in place and that the financing of our extensive newbuilding programme now is completed. With a strong balance sheet, we have a solid foundation to further
build this company as a leading operator of advanced deep water service vessels to the offshore oil industry."

The new shares will be issued by the Board pursuant to the Company's Memorandum and Articles of Association. The total number of outstanding shares after the issue will be 359,774,219 shares, each with a nominal value of US$0.01.

The subscribers in the private placement will be delivered existing and unencumbered shares in the company that are already listed on the Oslo Stock Exchange, pursuant to a share lending agreement entered into between Siem Offshore, Siem Industries and Fondsfinans ASA. The shares delivered to the subscribers will thus be tradable from the date they are allocated. A listing prospectus will be prepared in connection with the listing on the Oslo Stock Exchange of the new shares issued in the private placement.

Carnegie ASA and Fondsfinans ASA acted as joint lead managers and joint bookrunners for the private placement while DnB NOR Markets and SEB Enskilda AS acted as co-lead managers.