Siem Offshore is an offshore vessel owner and operator with 38 vessels in operation and 10 under construction. The company provides offshore support vessels and has expanded into subsea vessels and offshore renewable energy. Siem Offshore reported operating revenue of $172 million for the first half of 2013 and has a contract backlog of $806 million for vessels and $180 million for submarine power cable activities. The company has a strong financial position with a book equity ratio of 44% and has secured financing for its newbuilding program through 2014.

1. Siem Offshore
Pareto Oil & Offshore Conference
4 September 2013
CEO – Terje Sorensen

2. Disclaimer
2
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 Presentation 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
Presentation. 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 Presentation, 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 Presentation. Siem Offshore undertakes no obligation to publicly update or revise
any forward-looking information or statements in the Presentation.
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.

3. Agenda
3
1. Company Overview
2. Update on ongoing projects
3. Market Outlook
4. Appendix
b. Financials
c. Vessel Employment and Deliveries
a. Status

4. Siem Offshore – Company Profile
4
Background and status
• Established in July 2005.
• Owner and operator of Offshore Support Vessels (“OSVs”)
• Main markets for the company currently in the North Sea, Brazil and West Africa.
• Recent expansion in Subsea Vessel segment (4x newbuilds)
• Breakthrough in Offshore Renewable Energy segment (Focus on installation of submarine power cables for
offshore windfarms).
Fleet
• 38 vessels in operation.
• 10 vessels under construction.
Global Organization
• Headquarter in Kristiansand, Norway.
• Regional offices in Brazil, Germany, the Netherlands, the U.S., Ghana and India.
• Some 1,300 employees (1,100 offshore and 200 onshore).
Strong financial position
• Book equity ratio of approx. 44%, and secured bank debt to market value of fleet at ~50%.
• Contract backlog of firm contracts for vessels at USD 806m (excluding options) as of 30 June 2013.
• Contract backlog within submarine power cable activities of approximately USD 180m.
Listed on Oslo Stock Exchange
• Market cap of approximately NOK 3.0bn1)
• Largest shareholder Siem Industries (34.2%)
Note 1: As of close of trading August 28, 2013

5. Key Highlights
- Continued growth since 2005
5
0
50
100
150
200
250
300
350
400
2005 2006 2007 2008 2009 2010 2011 2012
FiguresinUSDmillion
Operating revenue
Operating margin
In Operation 19 21 24 25 29 34 39
Ordered
Vessels
4 13 14 17 15 9 6
37
10
2005 2006 2007 2008 2009 2010 2011 2012
1)

6. Fleet overview
- 38 vessels in operation and 10 vessels under construction
• Average age vessels in
operation
• PSV ~ 7 years
• AHTS ~ 3 years
• OSCV ~ 3 years
1) Incl. two vessels owned by a partner
PSV (3,300 – 4,700 dwt)
6
# 12
# 3
OSCVAHTS
Core Drilling Vessel
# 1
# 11
Smaller Brazilian vessels Well stimulation vessel
# 1
# 101)
Vessels in operation Vessels under construction (Delivery 2013, 2014 & 2015)
# 2
OSRVOSCV
# 3
PSVs
# 3
ISV
# 1
CLV
# 1

7. • Breakthrough in Offshore Renewable Energy
Market in 2012/2013 with several new contract
awards
• Awarded contract for E.On Germany for the
Amrumbank Offshore Windfarm
• Joint contract with J-Power Systems
Corporation (“JPS”) for the Innogy Nordsee 1
Offshore Wind Farm Project
• Baltic 2 Offshore Wind Farm project by EnBW
Baltic 2 GmbH.
• Total contract backlog of approx. USD 180 million.
• Continue to tender for other projects within the
Offshore Wind Farm market.
• Germany and UK the biggest markets.
• Potential demand for both new installation
vessels and maintenance vessels.
Siem Offshore Contractors (“SOC”)
- a 100% owned subsidiary of Siem Offshore
7
• Formed in 2003 and located in Leer, Germany.
• Provides complex engineering solutions and
services for installation, repair and maintenance of
submarine power cables.
• Competitive advantage in combining installation
expertise in SOC and asset base of Siem Offshore
• Installation support vessel (“ISV”) and Cable Lay
Vessel (“CLV”) under construction to support SOC
in upcoming projects.
Company Profile Status and Highlights
ISV (Delivery 2014)
CLV (Delivery 2015)

8. • Signed a back-to-back contract with M-I Swaco, a Schlumberger company, for the
Gudrun and Valemon field in the North Sea. The offshore operation is scheduled for
execution in second quarter 2014. The new PCD 5000 systems will be mobilized
and used for the planned operation.
• Siem WIS is ready for the Gullfaks operation, which is planned to commence in
third quarter 2013.
• Siem WIS is also in discussions for other projects for utilisation of the pressure
control device (“PCD”).
8
Siem WIS
- Technology for Managed Pressure Drilling

9. Scientific Core Drilling – JOIDES Resolution
• Overseas Drilling Limited is the owner of the scientific
core drilling vessel “JOIDES Resolution”.
• “JOIDES Resolution” is a dynamically positioned
drillship and floating laboratory carrying scientists from
all over the world.
• On time charter until end Sept 2013 with Integrated
Ocean Drilling Program (IODP), a research program
exploring Earth's history and structure.
• The time charter includes 10 x 1 year options, of which
IODP has exercised the first option (until Sept. 2014).
• Unique vessel and experience in niche market with
high potential profitability.
9
Overseas Drilling Limited
- a 100% owned subsidiary of Siem Offshore
Joides Resolution - Vessel Specifics
• Built: 1978 (Major Upgrade 2009)
• Length: 143 m Breadth: 21 m
• Gross tonnage: 10,282 t
• Accommodation: 130 persons
• Max endurance: 75 days
• Drilling capacity: 2,000 meters into
the seafloor in water depths of up to
7,000 meters
© Siem Offshore

10. Agenda
10
1. Company Overview
2. Update on newbuilding program
3. Market Outlook OSVs
4. Appendix
b. Financials
c. Vessel Employment and Deliveries
a. Status

11. Income Statement
Second Quarter January - June Twelve Months Ended
Amounts in USD million
2013
Unaudited
2012
Unaudited
2013
Unaudited
2012
Unaudited
2012
Audited
2011
Audited
Operating revenue 92.5 90.9 172.3 181.8 368.2 340.6
Operating expenses ( 51.2) ( 47.7) ( 100.3) ( 98.8) ( 210.8) ( 182.5)
Administration expenses ( 9.1) ( 10.4) ( 20.6) ( 20.9) ( 47.1) ( 35.2)
Operating margin [1] 32.2 32.8 51.3 62.0 110.3 123.0
Operating margin % 35 % 36 % 30 % 34 % 30 % 36 %
Depreciation and amortisation ( 18.3) ( 20.5) ( 36.9) ( 41.6) ( 82.7) ( 81.3)
Gain/(Loss) on sale of fixed assets 0.2 0.1 28.6 15.7 14.1 0.4
Gain/(Loss) FX contracts [2] ( 11.1) ( 0.3) ( 12.9) 3.6 12.5 1.5
Net financial items [3] ( 19.5) ( 29.6) ( 26.8) ( 31.9) ( 34.8) ( 47.3)
Profit before tax ( 16.5) ( 17.5) 3.3 7.8 19.4 ( 3.8)
Income tax provision ( 0.4) ( 0.3) ( 1.4) ( 1.5) ( 4.0) ( 2.7)
Net Profit (loss) ( 16.9) ( 17.7) 1.9 6.4 15.4 ( 6.5)
Net profit attributable to non-controlling interest ( 0.3) ( 0.1) ( 1.5) ( 1.2) ( 1.9) 0.8
Net profit attributable to shareholders ( 16.6) ( 17.6) 3.4 7.6 17.3 ( 7.3)
Earnings per share [4] ( 0.04) ( 0.04) 0.01 0.02 0.04 ( 0.02)
Average number of shares outstanding [5] 388,884 395,952 390,588 395,952 395,665 395,902
[1] Operating revenue less operating expenses
[2] Revaluation of off-balance sheet currency contracts entered into in order to hedge both operating expenditures and future yard instalments in
foreign currencies.
[3] Including revaluation of non-USD currency balance sheet items and mark-to-market effects on interest rate derivatives
[4] Net profit / Average number of shares outstanding (diluted)
[5] Weighted average number of shares outstanding (diluted) ('000) 11

12. 12
Second Quarter January - June
Twelve
Months
Ended
Amounts in USD million
2013
Unaudited
2012
Unaudited
2013
Unaudited
2012
Unaudited
2012
Audited
Net Profit (loss) ( 16.9) ( 17.7) 1.9 6.4 15.4
Unrealized (profit) loss on currency derivatives 13.7 1.0 18.2 (0.5) (6.9)
Unrealized (profit) loss on interest rate derivatives (4.5) 3.3 (6.5) 3.4 5.7
Other unrealized (profit) loss on currency positions 13.6 16.8 14.4 (9.6) (2.8)
Adjusted Net Profit (loss) 5.9 3.4 28.0 (0.3) 11.4
• Unrealised profit and loss from currency derivatives relates to financial instruments entered into in
order to hedge operational cash flows and future yard instalments in foreign currencies.
• Unrealised profit and loss from interest rate derivatives relates to mark-to-market valuations of financial
instruments entered into in order to manage interest rate risk.
• Other currency positions includes unrealized profit and loss from balance sheet items denominated in
foreign currencies in subsidiaries.
Adjusted Net Profit

13. Future Yard Instalments
13
Amounts in USD million
Future Yard Instalments Q3-2013 Q4-2013 2014 2015 Total
ISV 2.2 0.0 35.4 0.0 37.6
OSCVs 84.9 89.5 177.9 0.0 352.3
OSRVs 3.3 4.9 0.0 0.0 8.2
PSVs 3.0 3.0 107.3 0.0 113.3
CLV 0.0 8.0 4.0 63.8 75.8
Total 93.4 105.4 324.6 63.8 587.2
Debt facilities Q3-2013 Q4-2013 2014 2015 Total
ISV 0.0 0.0 0.0 0.0 0.0
OSCVs 71.6 68.0 142.7 0.0 282.3
OSRVs 1.4 4.3 4.3 0.0 10.0
PSVs 0.0 0.0 97.2 0.0 97.2
CLV 0.0 0.0 0.0 0.0 0.0
Total 73.0 72.3 244.2 0.0 389.6
• The Company has secured debt-financing for all vessels under construction in Brazil and
for the four OSCVs and one dual fuel large-size PSV under construction in Norway.
• Bank financing for the ISV under construction in Norway, and CLV under construction in
Poland is well progressed.

14. Statement of Financial Position
14
30.06.2013
Unaudited
30.06.2012
Unaudited
31.12.2012
Audited
31.12.2011
Audited
Intangible assets 35.4 35.4 36.3 35.7
Vessels under construction 110.4 89.4 108.4 105.2
Vessels, equipment and capitalized project costs 1,288.5 1,404.2 1,272.3 1,428.1
CIRR loan deposits 45.6 53.0 53.2 56.5
Investment in associates and other long-term receivables 11.2 12.0 11.3 11.9
Debtors, prepayments and other current assets 69.9 94.9 149.9 85.4
Cash and cash equivalents 196.5 100.6 107.1 136.6
Total Assets 1,757.5 1,789.4 1,738.5 1,859.4
Total Equity 771.4 777.8 786.5 769.8
Borrowings falling due after 1 year 778.0 783.7 714.7 839.0
CIRR loan 45.6 53.0 53.2 56.5
Other non-current liabilities 29.2 28.4 24.3 34.3
Borrowings falling due within 1 year 73.6 77.7 82.3 95.5
Trade creditors and other current liabilities 59.7 68.9 77.5 64.4
Total Liabilities 986.1 1,011.7 951.9 1,089.6
Total Equity and Liabilities 1,757.5 1,789.4 1,738.5 1,859.4
Amounts in USD million
• Current cost of debt approximately 4.5% p.a., including the effect of interest rate derivatives.
• Net interest bearing debt of USD 655 million.

15. Debt Maturity Profile 2013 (6M) - 2018
15
• No major bullet maturities on bank loans
before 2015, limiting refinancing risk
• Scheduled balloon payment (re-financing) of
6 AHTS vessels in 2015 can be postponed
to 2018 subject to profile of vessel
employment.
• NOK 600 million (USD 99.5 million) of
unsecured bonds with maturity in 2018.
• Included debt financing of 4 x OSCV with an
average leverage of 70%.
• Newbuilds / vessels under construction
includes 3 PSVs, 4 OSCVs, 2 OSRVs, 1 ISV
and 1 CLV• Main assumptions for vessels under construction
• Includes all 11 vessels under construction
• Average of 65% leverage
• 5 Year term
• 12 Year repayment profile

16. Agenda
16
1. Company Overview
2. Update on newbuilding program
3. Market Outlook OSVs
4. Appendix
b. Financials
c. Vessel Employment and Deliveries
a. Status

17. Development in order backlog
17
• Total order backlog of approx. USD 1bn as of
30th June 2013.
• For firm contracts for vessels
2013 – USD 142 million
2014 – USD 220 million
2015 onwards – USD 444 million
• USD 175 million in order backlog related to
Submarine Power Cables.
• Average firm contract length on current fleet at
1.4 years excluding options (3.3 years
including options) as of 30th June 2013.
• Tier 1 clients includes amongst others Statoil,
Petrobras, Total, Shell, Eni

18. Employment – Vessels in operation
18
2013 2014 2015 2016
Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Siem Sasha PSV 100 %
Siem Sophie PSV 100 %
Siem Louisa PSV 100 %
Siem Hanne PSV 100 %
Siddis Skipper PSV 51 %
Siem Carrier PSV 100 %
Siem Supplier PSV 100 %
Hugin Explorer PSV 100 %
Siem Atlas PSV 100%
Siem Sailor PSV 51 %
Siem Pilot PSV 51%
Siddis Mariner 1) PSV 51%
Siem Marlin OSCV 100%
Siem Stork OSCV 100%
Siem Daya 1 OSCV 100%
Siem Pearl AHTS 100%
Siem Emerald AHTS 100%
Siem Sapphire AHTS 100%
Siem Aquamarine AHTS 100%
Siem Ruby AHTS 100%
Siem Topaz AHTS 100%
Siem Diamond AHTS 100%
Siem Amethyst AHTS 100%
Siem Garnet AHTS 0%
Siem Opal AHTS 0%
Contract Contract option Spot work
1) Employment for Siddis Mariner includes firm time charter with options for Siem Offshore Contractor which is expected to commence from end 3Q 2013.

19. Employment – Vessels in operation (cont.)
2013 2014 2015 2016
Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Big Orange XVIII WSV 41 %
Joides Resolution SPV 100 %
Marati OSRV 100 %
Marabá OSRV 100 %
Parnaiba FSV 100 %
Propriá FSV 100 %
Paracaru FSV 100 %
Capela FSV 100 %
Siem Piatã FCV 100 %
Siem Pendotiba FCV 100%
Siem Caetes FSP 100%
Siem Carajas FSP 100%
Contract Contract option Spot work
19

20. Employment – Vessels under construction
20
2013 2014 2015 2016
Vessel Type Ownership 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Brazil, Siem Maragogi OSRV 100 %
Brazil, Siem Marataizes OSRV 100 %
Brazil Siem Giant PSV 100 %
Norway, Siem Barracuda OSCV 100%
Norway, Siem Spearfish OSCV 100%
Norway, Siem Stingray OSCV 100%
Norway, Siem Moxie ISV 100%
Norway, Siem Symphony PSV 100%
Poland, ”TBN” CLV 100%
Poland, ”TBN” PSV 100%
Under Construction Contract
Contract USD 94 million
Contract USD 94 million
Contract USD 47 million
Contract option
20
• The ISV and the CLV shall primarily be utilized by the subsidiary Siem Offshore Contractors for cable
installation projects within the offshore windfarm segment.

21. Agenda
21
1. General update on Siem Offshore
2. Update on newbuilding program
3. Market Outlook
4. Appendix
b. Financials
c. Vessel Employment and Deliveries
a. Status

22. 3 x STX OSCV
Design STX OSCV 11L and STX OSCV 03
DP Class 2
Length 121 meters
Breadth 22-23 meters
Dwt 5000 T (max draught)
Accommodation 110 persons
Cargo Deck Area 1300 m2
Delivery 4Q 2013
2Q & 3Q 2014
Crane 250 ts AHC (+ one with additional 50ts AHC)
Builder Vard Brattvåg (NOR) ROV capacity ROV Hangar and Moonpool
Other Helideck
22
• Eksportkreditt (Norway) CIRR commitment up to 80% of the contract amount (funding and
interest).
• Secured debt-financing for all three OSCVs under construction.
• Agreed 5 year firm contract with two yearly options for the first vessel delivered 30th of
August 2013.
• Agreed 5 year firm contract with two yearly options for the second vessel.
Newbuilding program
3 x STX OSCV under construction

23. 2 x Platform Supply Vessel; VS 4411 DF
Design VS 4411 DF
DP Class 2
Length 89 meters
Breadth 19 meters
Draught 7.4 meters
Dwt 5500 T
Accommodation 25 persons
Delivery 3Q 2014 and 1Q 2015 Cargo Deck Area 980 m2
Builder 1 x Hellesøy Verft (NOR) Other Dual fuel consumption, MDO and LNG
1 x Remontowa (POL)
23
• Agreed 4 year firm contract with four yearly options with Total for the first vessel.
• Agreed 3 year firm contract with two yearly options with AS Norske Shell for the second
vessel.
• Eksportkreditt (Norway) CIRR commitment up to 80% of the contract amount (funding
and interest).
• Secured debt-financing for the PSV under construction in Norway.
Newbuilding program
2 x PSV Dual Fuel under construction

24. Siem Moxie - Installation Support Vessel; SX 163 X-Bow
Design SX 163 X-Bow
DP Class 2
Length 74 meters
Breadth 17 meters
Draught 6.4 meters
Dwt 2835 T
Accommodation 60 persons
Delivery 1Q/2Q 2014 Cargo Deck Area 200 m2 usable
Builder Fjellstrand AS (NOR) Other active heave compensated gangway-
based offshore transfer system allowing
safe transfer of personnel to fixed and
floating structures
24
• Vessel to be utilized in relation to contract work on offshore wind farms for our
100% owned subsidiary Siem Offshore Contractors GmbH (“SOC”).
• Eksportkreditt (Norway) CIRR commitment up to 80% of the contract amount
(funding and interest)
• Debt financing well progressed.
Newbuilding program
Installation Support Vessel under construction

25. Siem TBN - Cable Lay Vessel
Design Vard CLV 01
DP Class 2
Length 95.3 meters
Beam Breadth 21.5 meters
Max Draught 7.1meters
Accommodation 60 persons
Cargo Deck Area 350 m2 usable
Delivery 2Q 2015 Cable Payload 4,250 tonnes
Builder Remontowa (POL) Cable carousel #1 2,500 tonnes
Cable carousel #2 1,750 tonnes
Other 360° panorama view bridge
25
• Vessel to be utilized in relation to contract work on offshore wind farms for our 100% owned
subsidiary Siem Offshore Contractors GmbH (“SOC”).
• Will be equipped with a state-of-the-art diesel-electric propulsion system, ensuring
excellent station-keeping capability as well as environmentally-friendly and fuel efficient
marine operations.
• The focus for the design of the CLV has been to meet the challenging requirements of the
installation, repair and maintenance of medium and high voltage submarine cable systems
within the offshore renewable energy and offshore oil and gas markets.
Newbuilding program
Cable Lay Vessel under construction

26. 1 x PSV 4700 – Siem Giant
Design STX 09
DP Class 2
Length 87.90 meters
Breadth 19.00 meters
Draft 6.60 meters
Dwt 4700 T
Cargo Deck Area 1000 m2
Flag: Brazilian Deck cargo 2600 T
Delivery 2Q 2014 Power 6400 KW
Newbuilding program
1 x PSVs under construction in Brazil
26
• Debt financed by Banco do Brasil and FMM.

27. Siem Maragogi and Siem Marataizes
DP Class 1
Length 56.80 meters
Breadth 14.00 meters
Draft 4.80 meters
Dwt 1300 T
Cargo Deck Area 360 m2
Flag: Brazilian Deck cargo 500 T
Delivery 3Q and 4Q 2013 Power 4890 KW
Recovered oil 750 m3
Service speed 10 knot
Newbuilding program
2 x OSRVs under construction in Brazil
27
• Debt financed by Banco Nacional Development Social (“BNDES”) and FMM.
• Both vessels are under 8 year firm contracts with Petrobras.

28. Agenda
28
1. General update on Siem Offshore
2. Update on newbuilding program
3. Market Outlook OSVs
4. Appendix
b. Financials
c. Vessel Employment and Deliveries
a. Status

29. Long-Term Market Outlook OSVs
29
• Long term Global demand for OSCVs:
• Based on an increasing number of subsea wells and installations the activity level
is expected to be high.
• Long-term North Sea demand for AHTS vessels and PSVs:
• Increased exploration, field development and number of fields on stream is
expected to lead to further demand for both high-end AHTS vessels and PSVs.
• Long-term Global demand for AHTS vessels and PSVs:
• Favorable outlook in Brazil based on firm contracts for Rigs, FPSOs and subsea
projects.
• Increasing demand in US GoM, West Africa and Oceania, especially on drilling
support.
• Prospects for harsh and/or remote areas (Barents Sea, Canada, US Alaska,
Brazil).

30. Global Rig and FPSO Market
30
• Total # UDW Drilling rigs currently working at 118, up from 109 twelve months ago (-12M).
• Total # North Sea Floater Rigs currently working at 40, same as twelve months ago (-12M).
• Total # Floater Rigs currently working in Brazil at 77, up from 73 twelve months ago (-12M).
• Total # Floater Rigs currently working in West Africa at 33, up from 30 twelve months ago (-12M).
• Total # FPSOs currently working/under construction at 193, up from around 181 twelve months
ago (-12M).
© Siem Offshore, ODS Petrodata
Global Drilling Market Global FPSO market
* = Ultra Deep Water (UDW)
Under Construction
Working

31. © Siem Offshore, ODS Petrodata
Global AHTS and PSV Market
- Increased term demand from drilling support activity Y/Y
31
• Global term demand utilisation for AHTS > 15k bhp
currently at approximately 78%.
• Around 93% excluding the North Sea.
• Increased global term demand Y/Y, mainly due to
increased demand for drilling support in Brazil /
South America (+35%) and Southeast Asia (+60%).
• Partly offset by reduced term demand for
production support Y/Y in the North Sea and Brazil.
• Global Term Demand utilisation PSV > 3,000 dwt
currently at approximately 92%.
• Term demand growth Y/Y driven by increased
drilling support activity in all major regions.
• Especially US GoM (+35%), Brazil (+30%) and
the North Sea (+25%).
• Demand for production support activity is absorbing
supply growth in the North Sea and drives
demand growth in West Africa.
• More than 200 vessels under construction with
planned delivery next 12-18 months.
* utilisation = Term Demand / Total Active Fleet

32. North Sea AHTS and PSV Fleet
32
• The number of AHTS > 15k bhp operating in the
North Sea was relatively stable during 1H 2013.
• Current operating fleet at 50 vessels, of which
35 operate in the spot market.
• Total operating fleet reduced Y/Y due to vessels
departing for other regions.
• Lower term demand for production support than 12
months ago.
• Another 5 AHTS>15K bhp vessels under
construction could enter the region next 12 months.
• The current number of PSVs> 3,000 dwt operating
in the North Sea at approximately 205 vessels.
• Increased North Sea term demand for PSV > 3,000
dwt year-on-year.
• Term demand for drilling support and production
support up 25% and 20% respectively from
2Q12 to 2Q13.
• Reduced number of vessels operating in the
spot market Y/Y.
• Approximately 20 vessels to be delivered
from Norwegian yards next 18 months.
© Siem Offshore, ODS Petrodata

33. • The number of semis and drillships working in the
North Sea at 40 units following new entries in the
second quarter.
• Number of floaters in the North Sea expected to
increase >40 in 2013 based on firm contracts.
• New entries, including in the Barents Sea.
• Rigs returning from yard.
• More than 10 new floaters expected to enter the
North Sea in the period 2013 -16.
• The number of jack-ups working in the North Sea is
currently at 36 units.
• Contracted rigs currently at yard explains the
reduced number of working units compared to
1Q 13.
• Y/Y growth of two working jack-ups.
• The number of working jack-ups expected to
increase > 40 in 2013 based on firm contracts.
• Close to 10 jack-ups under construction set to
enter the North Sea in the period
2013-2015 based on firm contracts.
© Siem Offshore, ODS Petrodata
Demand: North Sea Rigs working
- Number of working floaters increasing following new entries
33
+2 rigs y/y
+1 rig y/y

34. © Siem Offshore, ODS Petrodata
Offshore Construction Vessel (OCV) market
34
• The Global Fleet of ROV/MSV/DSV Offshore
Construction Vessels >120m DP2+ has grown by
around 25 vessels from 2007 to YE 2012 to around
40 vessels (excluding Pipelay/Derrick Pipelay).
• Several new vessels ordered in 2012 and 2013, with
a majority to be delivered during next 12 to 18
months.
• Fleet will grow with minimum 50% the next 3 years
based on the current firm vessel orders at yards.
• Global number of X-mas Tree installations as a
leading indicator to this vessel segment expected
to double (IHS Petrodata) by year end 2015.
• Increasing number of X-mas Trees installed is
expected to create a growing market for IMR
services.
• Balanced supply/demand characteristics for the
period 2013 to 2015.
Global Fleet ROV/MSV/DSV vessels > 120m Global X-mas Tree installations
+ 45 -100%

35. End
35