Note 6 - Investment in Subsidiaries

Company (Amounts in USD 1,000)

Registered office

Ownership and voting share

Revenue

Net profit

Share capital

Book equity

Cost price

Book value

Siem Offshore AS

Kristiansand, Norway

100%

6,547

1,465

24

8,972

7,597

8,943

Siem Offshore Invest AS

Kristiansand, Norway

100%

19,141

1,374

629

66,168

97,206

77,365

Siem Offshore Rederi AS

Kristiansand, Norway

100%

109,305

-59,072

6,175

272,997

310,500

310,500

Siem Offshore Construction Vessels AS

Kristiansand, Norway

100%

9,852

-6,224

4

-4,895

11,356

11,356

Siem Offshore do Brasil SA

Rio de Janeiro, Brazil

100%

27,649

-6,619

155,429

-43,130

132,253

105,156

Siem Offshore US Inc.

Delaware, USA

100%

-

-6

-

5,295

-

-

Siem AHTS Pool AS

Kristiansand, Norway

78%

33,424

-28,213

139

329,703

275,825

275,825

DSND Subsea Ltd

London, England

100%

-

-4

-

-187

18,352

-

Siem Offshore Services AS

Kristiansand, Norway

100%

12,359

-1,416

18

-704

292

3,908

Siem Offshore Management AS

Kristiansand, Norway

100%

9,150

348

12

2,353

5,566

7,033

Siem Offshore Management (US) Inc

Texas, USA

100%

232

-7

1

246

1

1

Siem Offshore US Holding AS

Kristiansand, Norway

100%

-

-142

5

90

5

961

Siem Offshore Crewing (CI) Inc

Cayman Islands

100%

313

263

50

1,566

50

50

Total value recorded in the statements of financial position of the Parent

638,475

859,003

801,099

The book value in Siem Offshore do Brasil SA was increased with USD 12.2 million, Siem Offshore Rederi AS reduced by USD 272.9 million, Siem Offshore Construction Vessels increased by USD 11.4 million, Siem Offshore Management AS increased by USD 1.6 million, Siem AHTS Pool AS increased by USD 275.8 million and Siem Offshore Invest AS increased by USD 0.1 in 2016.

The above companies are owned by the Parent. In addition, the subsidiaries own the following companies:

Company

Registered office

Share and voting rights

Consub Delaware LLC

Delaware, USA

100%

Aracaju Serviços Auxiliares Ltda

Rio de Janeiro, Brazil

100%

Siem Offshore Crewing AS

Kristiansand, Norway

100%

Siem Meling Offshore DA

Stavanger, Norway

51%

Siem WIS AS

Bergen, Norway

60%

Siem Offshore Maritime Personnel AS

Kristiansand, Norway

100%

Siem Offshore Contractors GmbH

Leer, Germany

100%

Siem Offshore Contractors EPS BV

Glimmen, The Netherlands

100%

Overseas Drilling Ltd

Groningen, The Netherlands

100%

Siem Offshore Canada Inc

Halifax, Canada

100%

Siem Offshore Poland Sp.z.O.O

Gdynia, Poland

100%

Siem Offshore Australia Pty Ltd

Perth, Australia

100%

Siem Real Estate GmbH

Leer, Germany

100%

Siem Offshore Contractors UK Ltd

Aberdeen, UK

100%

Siem Offshore Ghana International AS

Kristiansand, Norway

51%

Siem Offshore LLC

Delaware, USA

100%

Consub Defesa e Tecnologia SA

Rio de Janeiro, Brazil

100%

Secunda Holdings SLH

Halifax, Canada

100%

Board Of Directors

Financial Statements

Notes