Note 6 - Investment in Subsidiaries

(Amounts in USD 1,000)
Company

Registered office

Ownership and
voting share

Revenue

Net profit

Share capital

Book equity

Cost price

Book value

Minority share
of net profit/(loss)

Minority share
of net equity

Impairments
made in 2017

Siem Offshore AS

Kristiansand, Norway

100%

7,698

690

35

8,822

8,943

8,943

-

-

-

Siem Offshore Invest AS

Kristiansand, Norway

100%

10,327

-16,551

898

46,219

97,408

77,408

-978

1,353

-

Siem Offshore Rederi AS

Kristiansand, Norway

100%

132,315

-61,419

6,175

205,245

310,500

227,500

-17,873

-4,751

83,000

Siem Offshore Construction Vessels AS

Kristiansand, Norway

100%

15,528

-4,770

4

-3,865

17,156

-

-

-

17,156

Siem Offshore do Brasil SA

Rio de Janeiro, Brazil

100%

29,415

-3,870

158,909

-41,762

106,368

30,000

-

-

78,105

Siem Offshore US Inc.

Delaware, USA

100%

-

-8

-

5,287

-

-

-

-

-

Siem AHTS Pool AS

Kristiansand, Norway

78%

29,693

-94,206

139

235,483

275,825

238,825

-20,868

51,135

37,000

DSND Subsea Ltd

London, England

100%

-

-11

0

-227

18,352

-

-

-

-

Siem Offshore Services AS

Kristiansand, Norway

100%

1,523

-1,226

18

-769

5,068

-

-

-

5,068

Siem Offshore Management AS

Kristiansand, Norway

100%

8,742

138

17

2,480

7,211

2,511

-

-

4,700

Siem Offshore Management (US) Inc

Texas, USA

100%

108

26

1

272

1

1

-

-

-

Siem Offshore US Holding AS

Kristiansand, Norway

100%

-

-4

5

86

961

961

-

-

-

Siem Offshore Thiima AS

Kristiansand, Norway

100%

-

-

4

4

4

4

-

-

-

Siem Offshore Crewing (CI) Inc

Cayman Islands

100%

296

269

50

1,834

50

50

-

-

-

Total value recorded in the statements of financial position of the parent company

459,108

847,848

586,204

-39,720

47,737

225,029

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 Pilot DA

Stavanger, Norway

100%

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%

Secunda Holdings SLH

Halifax, Canada

100%

Siem AHTS Pool Australia PTY LTD

Perth, Australia

100%

Consub Defesa e Tecnologia SA was sold in 2017.

Board Of Directors

Financial Statements

Notes