Siem: cancellation of shipbuilding contract

Oslo - With reference to the notice to Oslo Stock Exchange dated 30.12.2013 where Siem Offshore notified entry into shipbuilding-contracts with Remontowa Shipbuilding in Poland for four dual fuelled Platform Supply Vessels (PSVs) of VS 4411 DF design. Siem Offshore has today cancelled PSV no. 4 in the series due to delay in the delivery. The Company is covered with Refund Guarantees from an international bank for all pre-delivery installments made under the contract.