Note 27 - Subsequent Events

Charter contract for “Siem Topaz” in Australia
A 18 months charter contract for the AHTS vessel “Siem Topaz” has been agreed with Woodside Energy Ltd. for operation in Australia. Commencement is expected to be in May 2016, the firm period is for 18 months plus options.

Award of contract for Bard Offshore 1 wind farm
Siem Offshore Contractors GmbH was awarded a contract for the provision of a walk-to-work (“W2W”) service operations vessel by Ocean Breeze Energy GmbH & Co. KG for the Bard Offshore 1 wind farm within the German Bight sector of the North Sea. The contract will involve the deployment of the OSCV “Siem Marlin” followed by the PSV “Siddis Mariner” in W2W mode. The firm charter period is 700 days c/w options to extend the charter period by up to three additional years.

Termination of charter contract
Terminated the 5-year charter party for the OSCV “Siem Marlin” due to non-performance of the charterer’s obligations.

Charter contract for "Siem Pilot"
Siem Meling Offshore DA and Justis & Beredskapsdepartementet ( Ministry of Justice and Public Security) have entered into a Charter agreement for the Multipurpose Platform Supply Vessel “Siem Pilot”. The vessel is currently involved with border control, search and rescue operations in the Mediterranean under the joint operation “Triton” and will continue with the same operations under the new Charter agreement. The contract period is for 6 months firm plus

Charter contact for a Dual Fuel PSV in Australia
SIEM OFFSHORE, through its fully owned subsidiary SIEM OFFSHORE Australia Pty Ltd, has been awarded a charter contract for a Dual Fuel (LNG/MGO) PSV of design VS4411 by Woodside Energy Limited, Australia.

The duration of the charter is for a term of five years plus options of 2 x 1 year, expected to commence in early 2017. The vessel will operate as part of the Woodside Integrated Fleet working offshore Dampier, Western Australia.