Note 26 - Listing of the 20 Largest Shareholders as of December 31, 2015

SHAREHOLDER

NUMBER OF SHARES

OWNER INTEREST

     

SIEM EUROPE S.a r.l.

699,110,008

83.03%

ACE CROWN INTERNATIONAL LIMITED

76,848,751

9.13%

WATERMAN HOLDING LTD

13,500,000

1.60%

EGD CAPITAL AS

6,000,000

0.71%

SØRENSEN, TERJE

4,404,442

0.52%

MERRILL LYNCH,PIERCE,FENNER&S. INC

3,727,644

0.44%

ROVDEFRAKT AS

2,550,000

0.30%

DG-INVEST AS

1,538,161

0.18%

TONGA INVEST AS

1,500,000

0.18%

SMY INVEST AS

1,350,000

0.16%

FORSVARETS PERSONELLSERVICE

953,976

0.11%

CORTEX AS

952,000

0.11%

OSLOKANALEN AS

850,000

0.10%

OPSAHL, STIAN

786,103

0.09%

BRUUN, LARS

699,656

0.08%

TIMUCUAN FUND LTD.

646,268

0.08%

BARRUS CAPITAL AS

515,697

0.06%

LEROLI AS

500,000

0.06%

ESPEDAL, HARALD

500,000

0.06%

KEBI AS

499,763

0.06%

Total 20 largest shareholders

817,432,469

97.08%

Other shareholders

24,588,911

2.92%

Total number of outstanding shares

842,021,380

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 compay of Siem Europe S.a r.l.