Corporate Social Responsibility

As a company incorporated in the Cayman Islands, Siem Offshore Inc. (“The Company”) is an exempted company duly incorporated under the laws of the Cayman Islands and subject to Cayman Islands laws and regulations with respect to corporate governance.

Cayman Islands corporate law is to a great extent based on English Law. In addition,due to the Company being a Norwegian Tax Resident, the Norwegian Accounting law applies to The Company.According to the Norwegian Accounting Act $3-3c The Company should provide a statement on social responsibility. The statement should include which actions are taken by The Company to integrate human rights, employee’s rights and social conditions, external environment and the fight against corruption in its business strategies, daily operations and in relation to its interested parties. The Board of Directors has reviewed this statement. It is the opinion of the Board of Directors that The Company complies with regulations in the Norwegian Accounting law with respect to Social Responsibility reporting.

Code of Business Conduct

The Company has established a Code of Conduct policy expressing its nontolerance on corruption as well as dealing with ethical principles of the Company. The Company is fully committed to perform its business with integrity and transparency throughout its global operations. As stated in the Code of Conduct Policy it is the policy of the Company to conduct its business in accordance with all applicable laws and regulations and in an ethically responsible manner

Protection of health, safety and the prevention of pollution to the environment are primary goals of The Company. All of our employees and representatives must conduct their duties and responsibilities in compliance with The Company’s policy on Health, Safety and Environment, applicable law and industry standards relating to health and safety in the workplace and prevention of pollution to the environment.

The Company has implemented policies and control procedures to ensure that only proper transactions are entered into by The Company, that such transactions have proper management approval, that such transactions are properly accounted for in the books and records of The Company, and the reports and financial statements of The Company are prepared in a timely manner, understandable and fully, fairly and accurately reflect such transactions.

The Company observes fair employment practices in every aspect of its business.

The Company conducts its business with honesty and integrity and competes fairly and ethically within the framework of the law. The Company has entered into agreements with well-known subcontractors for the delivery of technical management and crew management services to some of the Company’s vessels. These subcontractors are subject to review on an ongoing basis. The Company expects that all of its business partners have the same approach to business dealing.

Improper payments
The Code of Conduct does also include policies on improper payments.The Company does not tolerate any actions / payments which could be viewed as improper payments.

No gift, hospitality or travel benefit may be offered to or requested or accepted from any third party if that benefit could be seen to be disproportionately generous or otherwise be seen as something which may induce or make the recipient feel obliged to reciprocate by way of improperly performing his or her function

The Company and its directors, officers and employees will not accept any gift, hospitality or travel benefit either directly or indirectly from business partners, against making commitment, recommending or promoting a certain conduct or position by The Company or otherwise seek to gain personal benefit in relation to The Company’s business dealings.

Likewise, the Company does not itself offer inducements to anyone associated with business partners to promote a certain conduct or position by such business partner

The Company and any of its people shall not pay money or provide gifts, entertainment, hospitality or any other thing or service of value to any Government Official. This prohibition extends to payments to consultants, agents or other intermediaries when the payer knows or has reason to believe that some part of the payment will be used to bribe or otherwise influence a public official.

Political contributions are not authorized.

Corporate Social Responsibility
The Company respects and promotes harmonious working relationship with the local communities where it operates, but refrains from participating in local politics. The Company seeks to foster a sustainable business for its many stakeholders.

The Company is fully committed to comply with local laws and regulations throughout its global operations.

The Company is committed to employ local staff where applicable and possible in all countries where it is operating and conducting business. The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination on the grounds of race, colour, religion, national origin,sex, pregnancy, age, disability, marital status or other characteristics protected by applicable law.

The Company is dedicated in creating a high-quality working environment under which its people respect and trust each other such that everyone acts in an honest, friendly and proactive way with a responsible attitude and high moral standards. The Company prohibits bullying and harassment in any form including sexual, racial, ethnic, and other forms of harassment.

The Company has made donations to the Norwegian Salvation Army, Redningsselskapet and the street magazine “Klar”

The Company supports the work of Norwegian Church Abroad, a non-profit organization with a commission from the Parliament to serve Norwegians abroad. 29 churches serve as social and cultural meeting places for around 700.000 annually. In addition, 7 chaplains cover around 80 countries visiting Norwegian communities and students.

Board Of Directors

Financial Statements

Notes