Note 25 - Listing of the 20 Largest Shareholders as of December 31, 2017

SHAREHOLDER

NUMBER OF SHARES

OWNER INTEREST

SIEM EUROPE S.A R.L

782,094,365

83.02%

ACE CROWN INTERNATIONAL LIMITED

95,565,454

10.14%

WATERMAN HOLDING LTD

15,500,000

1.65%

EGD CAPITAL AS

6,000,000

0.64%

SØRENSEN

4,404,442

0.47%

MERRILL LYNCH, PIERCE, FENNER & SM

3,717,644

0.39%

ROVDEFRAKT AS

2,550,000

0.27%

TONGA INVEST AS

1,678,050

0.18%

DG-INVEST AS

1,538,161

0.16%

MYKLAND

1,350,000

0.14%

FORSVARETS PERSONELLSERVICE

953,976

0.10%

CORTEX AS

952,000

0.10%

OPSAHL

863,687

0.09%

OSLOKANALEN AS

850,000

0.09%

BRUUN

699,656

0.07%

UBS SWITZERLAND AG

622,374

0.07%

MACAMA AS

529,704

0.06%

BARRUS CAPITAL AS

515,697

0.05%

LEROLI AS

500,000

0.05%

KEBI AS

500,000

0.05%

Total 20 largest shareholders

921,385,210

97.81%

Other shareholders

20,636,170

2.19%

Total number of outstanding shares

942,021,380

100.00%

Siem Europe S.a r.l. is the main shareholder of Siem Offshore Inc. and is controlled by a trust whose potential beneficiaries include members of Kristian Siem’s immediate family. Kristian Siem, who is Director of the Company, is also the Chairman of Siem Industries Inc., who is the parent company of Siem Europe S.a r.l.

Board Of Directors

Financial Statements

Notes