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MeldingsID: 407704
Dato/tid 19.08.2016 08:02
Utsteder Siem Offshore Inc.
UtstederID SIOFF
Instrument SIOFF
Marked OB
Informasjonspliktig   Informasjonspliktige opplysninger   Lagringspliktig melding
Tittel Company Update
Siem Offshore Inc. has received approval from all of its 
financing banks for a financial platform to position the 
Company for the expected challenging market in the coming 
years. The approvals include a three year extension of the 
final bullet payments of all mortgage debt due before 31 
December 2019, deferral of instalments for the fleet of AHTS 
vessels for 2.5 years with a cash sweep mechanism, in the 
meantime as well as easing of certain covenant requirements 
to the Company's banks for the next three years. Payment of 
interest and instalment on all bank debt except for debt 
related to AHTS vessels will continue as normal. The 
agreement is conditional on a restructuring of the Company's 
two public bonds.

It is further agreed to establish a stand-alone AHTS vessel 
company,  Siem AHTS Pool AS ( SAP), where Siem Offshore Inc. 
through its subsidiary Siem Offshore Rederi AS  has sold all 
its 8 AHTS vessels and the pool partner Singa Star PTE LTD 
has sold 2 AHTS vessels to SAP. All vessels have in the past 
been operated in a pool agreement between Siem Offshore and 
Singa Star. Post the transaction, Siem Offshore and Singa 
Star will hold shares in SAP in proportion to the net value 
of the vessels transferred to SAP, representing a share for 
Siem Offshore of 78.16% and Singa Star of 21.84%. 

For further information, please contact:

Idar Hillersøy
Chief Executive Officer
Siem Offshore Inc.
Phone +47 916 76 812

Dagfinn B. Lie
Chief Financial  Officer
Siem Offshore Inc.
Phone +47 90199051

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