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 Island 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 Business Conduct policy expressing its non-tolerance 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 Business 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. The Company has also entered into shipbuilding contracts with high standard shipbuilding yards in Norway, Poland and Germany. 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 Business 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.

At Christmas 2012 The Company donated funds to Jaynii Streetwise in Ghana. No funds have been donated in 2016. Jaynii Streetwise is a charity and non-governmental organization founded in Ghana by Jay Borquaye and Emmanuel (Nii) Quartey in the deprived area of Jamestown (Accra) with the aim of improving the lives of children and youth. Jaynii Streetwise was born out of their Jaynii Cultural Troupe, a traditional music and dance group which has performed at countless functions locally and internationally.

Over time, Jaynii has identified the need to support ongoing efforts by government and civil society to keep children off the streets and in school. As a poor, marginalized and deprived area, many children are found walking on the beach and in the streets during school hours. Most of these children come from very deprived homes. So far Jaynii has identified fifty children aged between 4 to 16 years who have been enrolled into the Streetwise Project, based at Jaynii Beach, a small stretch of beach just below the Jamestown lighthouse which is now their centre.

These 24 girls and 26 boys, who were spending their childhood walking aimlessly on the Jamestown Beach, are now enrolled at schools in the communities- Accra Sempe Primary School in Classes 1 to 6 and St. Thomas Day Care Centre. Jaynii, without assistance from parents, buys them school uniforms, shoes, bags and exercise books and registers them in school. After school hours, the children go to Jaynii Beach where they get fed as well as get extra classes, homework help and afternoon activities and entertainment.

During 2013 the Company has also donated funds for the funeral and family support of passed away gardener of the Company’s office in Ghana.

The Company has furthermore previously donated funds to Pro Criança Cardíaca in Rio de Janeiro, Brasil, a non-profit organization helping children with heart diseases. Pro Criança Cardíaca is a hospital founded in 1996 by Cardiologist Doctor Celia Rose. The mission of the organization is to provide medical care to cardiac children focusing in cardiac surgery and any other procedure that requires high technology treatment to children. No funds have been donated in 2016.

The Company has also in previous years made donations to the Norwegian Salvation Army, Redningsselskapet and the street magazine “Klar”. No donations have been made in 2016.

Board Of Directors

Financial Statements

Notes