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Siem Offshore Inc.
Presentation September 2009
CEO Terje Sørensen
Activities
• Siem Offshore Inc. is an owner and operator of modern support vessels for the global oil and gas service industry
– 27 vessels in operation
– 13 vessels under construction
• Offices in Norway, Brazil, India, Nigeria and the Cayman Islands
• Number of employees 715 today, growing to 1100 in 2011
• Research and development of technology for the drilling and wellservice industry through Siem WIS AS and WellCem AS
Global focus and presence
• North Sea
• Brazil
• Gulf of Mexico
• North America
• Mediterranean
• Middle East
• West Africa
• Far East
Petrobras
Clients:Regions:
… and others
44
Technology investments
• Research and development of technology for the drilling and well service industry:
• Siem WIS AS: Solutions for managed pressure drilling
• WellCem AS: Solutions for plug and abondonment, lost circulationand zonal isolation
55
Siem Offshore – a part of the Siem Industries Group- Total Group fleet of 108 vessels
Web-sites: www.siemindustries.com, www.siemoffshore.com, www.subsea7.com, www.star-reefers.com
Board of Directors and Core Management
• Kristian Siem (Chairman)– Also the chairman of Siem Industries Inc. and
Subsea 7 Inc. He was a director of Transocean Inc. until 2008
• Michael Delouche– President and the Secretary of Siem Industries Inc.
He is also a director of Subsea 7 Inc.
• Richard England– Wide experience in the offshore industry, served as
the Managing Director of, among others, Overseas Towage Salvage Co. and Vickers Offshore Engineering Group
• Bjørn Johansen– Experience from various positions at Fred. Olsen &
Co. in Fred the tanker engagements and in the offshore sector
• David Mullen– Current CEO of Ocean Rig ASA. Past experience,
among others, as Senior Vice President of Transocean Inc. and as President of Schlumberger Oilfield Services, North and South America
• Ulf Sørdal– Business lawyer and currently a partner in the
Norwegian based law firm Steenstrup Stordrange.
Directors Core Management• CEO Terje Sørensen
– Previously CFO of the former Siem Offshore
Inc. (now Subsea 7 Inc.)
• COO Lars Bruun– Broad experience from the Acergy Group as
Regional Operations Manager
• CCO Christian Berg– Past experience as General Manager of
Promarine Ltd. Christian Berg is a Master
Mariner with experience from various offshore
and onshore positions
• CFO Dagfinn Lie– Past experience from Wallenius Wilhelmsen
Logistics and ABB Offshore
• HR Terje Løvoll– Past experience as Vice President HR in Rolls-
Royce Marine. and from the Royal Norwegian
Navy, Fugro-Geoteam, and the Oslo Police
Headquarter
• QHSE Inger-Lise Amrandi– 20 years and has extensive experience within quality
assurance, health, safety and environment
77
Siem Offshore – Reorganisation
• Fleet ownership moving to Norway
• Tonnage tax
• Tax treaties
• Migration to Norway under review
Vessel categories and work roles
MRSVPSV AHTS
• Pre-laying of anchor systems
for semis
• Anchor handling for semis in
deep water
• Towing and mobilisation of
semis and FPSOs
• Chain work and inspection
FPSOs
• Ploughing and trenching
• Inspection repair and
maintenance, Subsea
installation
• General supply service
• ERRV services, Oil Recovery,
FiFi
• Subsea construction support
• ROV operations
• Diving support
• Supply duties
• Inspection, repair and
maintenance of subsea
installations
• Transport supplies to and
from offshore installations
• Deck cargo, containers and
pipes
• Dry and liquid products in
underdeck tanks
• Also utilised as ROV-support
vessels, seismic vessels, well
stimulation vessels
Main players AHTS>20,000BHP
16
86 6
4 4 4 4 3 3 2 2 2 2 2 2 1 1 1
2
0
2
4
6
8
10
12
14
16
18Maersk
Siem
Farstad
Solstad
Mosvold
Olympic
BOA
Tidewater
DOF
Edison
Bourbon
CNOOC
Ezra
Havila
K Line
Lukoil
MMP
Rem
URS
Owned Managed
Source: ODS-Petrodata, Carnegie Research
Siem Offshore among the leading AHTS operators
after completing newbuilding program
9
Siem Offshore will become the second largest operator of large AHTS world wide following
delivery of newbuildings. Total fleet of 40 vessels from 2011 including large AHTS, Platform
Supply Vessels (PSV), Multi-Purpose Support vessels (MPSV), Brazilian support vessels and
other special purpose vessels
1010
8 + 2 AHTS vessels – Main features
• 91 x 22 meter
• 28,000 BHP
• Winch capacity 500 ton
• Bollard pull >285 ton
• Accommodation for 60 persons
• Deck layout ”Safety and functionality”
• Fuel economy ”cost and emissions”
• 250te AHC A-frame to be installed on some vessels ”Subsea construction work”
• Fire fighting and Standby Class on some vessels “Field vessels”
• Comfort Class, Clean Design Class “Environment and Crew focus”
• Catalyst Cleaning of NOx (UREA system reducing NOx by approx. 95%)
The large fleet represents flexibility and reliability for the clients
Offshore Personnel training
• New dedicated AHTS vessel simulator
• Including Rolls-Royce AHTS winch
• Kongsberg DP
• Triplex MDH Simulator
• Coast design Autoload
The best way to improve safety is through training
Siem Offshore has good safety records
Project cost – selected vessels
Category Design Built
Average project
cost
PSV VS 470 Mk II 2005 – 2007 NOK 148 million
MRSV MT 6016 / 6017 2007 – 2009 NOK 354 million
AHTS VS 491 CD 2009 - 2010 NOK 600 million
FSV GPA150 2010 USD 10 million
FCV GPA132 2011 USD 5 million
1313
Vessels under construction - deliveries
Vessel Type Ownership 3Q
Siem Pilot *) PSV 51%
Siem Pearl AHTS 100%
Siem Emerald AHTS 100%
Siem Sapphire AHTS 100%
Siem Aquamarine AHTS 100%
Siem Topaz AHTS 100%
Siem Ruby AHTS 100%
Siem Diamond AHTS 100%
Siem Opal AHTS 100%
Brazil 'TBN' FSV 100%
Brazil 'TBN' FSV 100%
Brazil 'TBN' FCV 100%
Brazil 'TBN' FCV 100%
*) Letter of Intent = Contract = Under construction
4Q4Q 1Q 2Q 3Q2Q 3Q1Q
2013
4Q 1Q
2012
4Q 1Q3Q 4Q 2Q 3Q2Q
2010 2011
Financials
Revenue and Operating Margin
0
10
20
30
40
50
60
Q1 -06
Q2 -06
Q3 -06
Q4 -06
Q1 -07
Q2 -07
Q3 -07
Q4 -07
Q1 -08
Q2 -08
Q3 -08
Q4 -08
Q1 -09
Q2 -09
USD m
illion
0%
10%
20%
30%
40%
50%
60%
70%
Revenue Operating margin *) Operating margin %
*) Operating Revenue - Operating costs
Financials
Debt service – selected vessels
VS 491 CD
MT 6016 / 6017
VS 470 Mk II
DesignCategory Instalments Interest Debt service
per day
PSV NOK 7.4 million NOK 1.8 million NOK 25,000
MRSV NOK 18.2 million NOK 10.1million NOK 77,000
AHTS NOK 24.5 million NOK 9.7 million NOK 94,000
Indicative figures
Vessels in operation – employment
Vessel Type Ownership 3Q
Siem Sasha PSV 100%
Siem Sophie PSV 100%
Siem Louisa PSV 100%
Siem Danis PSV 100%
Siem Mollie PSV 100%
Siem Hanne PSV 100%
Siddis Skipper PSV 51%
Siem Carrier PSV 100%
Siem Supplier PSV 100%
Hugin Explorer PSV 100%
Siem Sailor PSV 51%
Ocean Commander MRSV 35%
Siem Swordfish MRSV 100%
Seven Sisters MRSV 100%
Siem Marlin MRSV 100%
SiemDorado MRSV 100%
Big Orange XVIII WSV 41%
Joides Resolution SPV 50%
Marati OSRV 100%
Marabá OSRV 100%
Parnaiba FSV 100%
Propriá FSV 100%
Paracaru FCV 100%
Capela FCV 100%
Piracicaba FCV 100%
Parati FCV 100%
Atalaia FCV 100%
= Contract = Option
3Q 4Q4Q 1Q 2Q
2012
1Q 2Q 4Q1Q
2013
2Q4Q 3Q3Q
2011
1Q 4Q3Q2Q
2010
Future Yard instalments, Debt instalments, Cash and
Undrawn Credit Facilities as of 30 June 2009
USD 80 million
Future Yard Instalments
(Amounts in million) Instalments
USD
2009 197
2010 457
Total 654
Debt Instalments
(Amounts in million) Balance Instalments
USD USD
2009 372 47
2010 33
2011 and thereafter 291
Total 372
Cash and Undrawn Credit Facilities
(Amounts in million) Available
USD
Cash 50
Share issue 149
Undrawn credit facilities 444
Total 643
PSVs, age distribution > 20 years 11 - 20 years 0 - 10 years Current fleet On order TOTAL
PSV < 3,000 Dwt 322 89 154 565 40 605
PSV 3,000 - 4,000 Dwt 10 42 228 280 62 342
PSV > 4,000 Dwt 3 33 119 155 106 261
TOTAL 335 164 501 1,000 208 1,208
World Fleet of Platform Supply Vessels
Operations moves into deeper
water and more remote areas
Modern and larger vessels are
in demand in all regions
The world PSV fleet is being
modernized with larger and
more efficient vessels
Source: ODS Petrodata
0
200
400
600
800
1000
1200
1400
No of Vessels
1965 1968 1971 1974 1977 1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010
PSV < 3000 Dw t PSV 3,000-4,000 Dw t PSV > 4,000 Dw t
PSVs, % of current fleet > 20 years On order
PSV < 3,000 Dwt 57% 7%
PSV 3,000 - 4,000 Dwt 4% 22%
PSV > 4,000 Dwt 2% 68%
TOTAL 34% 21%
AHTS Vessels, age distribution > 20 years 10 - 20 years 0 - 10 years Current fleet On order TOTAL
12,000 - 16,000 BHP 51 38 62 151 36 187
16,000 - 20,000 BHP 5 17 58 80 45 125
> 20,000 BHP 1 8 24 33 41 74
TOTAL 57 63 144 264 122 650
World Fleet of AHTS Vessels > 12,000 BHPOperations moves into deeper
water and more remote areas
Modern and larger vessels are
in demand in all regions
Increased focus on vessel
stability and true bollard pull
capacity for deep water
operations
Source: ODS Petrodata
0
50
100
150
200
250
300
350
400
1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011
AHTS 12,000-16,000 BHP AHTS 16,000-20,000 BHP AHTS > 20,000 BHP
AHTS, % of current fleet > 20 years On order
12,000 - 16,000 BHP 34% 24%
16,000 - 20,000 BHP 6% 56%
> 20,000 BHP 3% 124%
TOTAL 22% 46%
Average rates – medium PSV
Average rates – large PSV
Average rates – large AHTS
Drilling units and FPSOs
On order/
Exisiting Construction Total
Jackups 449 68 517
Semisubmersible 182 41 223
Drillships 47 39 86
FPSOs 150 30 180
828 178 1,006
Source: ODS Petrodata
Market Outlook
• The recession will end and economic activity willincrease
• Oil demand will increase as a function of growth in population and GDP
• Oil production from existing fields is in decline
• The activity in the offshore oil and gas industry willincrease
• The offshore oil and gas industry will more increasingly rely on deepwater projects
Thank you!