Concluded sale of mid-size PSV

4/3/2012 5:58 AM EST

Siem Offshore has concluded the sale of the 2006-
built mid-size PSV "Siem Danis" of VS 470 mk II 
design in accordance with sales agreement reported in 
December 2011.  The vessel sales price was USD 34 
million, which represents a gain of approximately USD 
14 million.  The sales proceeds will be used to repay 
mortgage debt of approximately USD 20 million and to 
strengthen the Company's cash position for business 
development purposes.
For further information, please contact:
Bernt Omdal
Chartering Director
Siem Offshore Inc.
Phone +47 91 52 22 99

Terje Sorensen
Chief Executive Officer
Siem Offshore Inc.
Phone +47 91 31 61 64