Mandatory Notification of Trade

Siem Industries Inc., who are represented on Siem
Offshore Inc's board through its Chairman Kristian
Siem and President Michael Delouche has subscribed
for 12,116,310 new shares in the private placement in
Siem Offshore Inc. Following the private placement,
Siem Industries Inc. will hold 133,279,421 ordinary
shares in Siem Offshore Inc., leaving Siem Industries
Inc.'s relative shareholding in Siem Offshore Inc.
constant at 33.7%.