With reference to the stock exchange notice published 24 November 2023, Siem
Offshore and Helix Energy Solutions have now signed agreements for the Well
Intervention Vessels "Siem Helix 1" and "Siem Helix 2". The new contracts will
commence on 1 January 2025 and 1 January 2026 and replace the existing
contracts. The new contracts have a duration of 6 years for each vessel, with
subsequent options of up to 5 years. Securing long-term employment for these key
vessels, with firm utilization through at least 2030, is important for Siem
Offshore and gives a solid base for future income. The agreement reconfirms the
Company's important role in the Well Intervention segment. Helix Energy
Solutions has been the sole client of these vessels since they were built in
2016. The successful project based collaboration between our organisations has
strengthened the professional relationship between Helix and the Company. The
total contract backlog for the two vessels is now USD 682 million.

For further information, please contact CEO Bernt Omdal, +47 91522299.