The Siem Industries Group

Siem Industries Inc. is a diversified industrial group with its main areas of activity within the oil and gas service industry and the ocean shipping industry. The company's main subsidiaries and investments include Subsea 7 Inc. (45% ownership), Siem Offshore Inc.(34%), STAR Reefers Inc. (72%), Siem Car Carriers Inc. (100%), Partner Shipping AS (50%), Siem Capital AB (64%), Siem Investments Inc. (100%), Deusa International GmbH (49%) and Deep Seas Insurance Limited (51%).

For the year ended 31 December 2009, Siem Industries reported consolidated net income of USD131.0 million, or USD8.53 per share, and shareholders' equity of USD1.16 billion. The Group had 115 vessels and 6,700 employees, including seafarers.

For the fourth quarter ended 31 December 2009, the Company reported consolidated net income of USD7.6 million, or USD0.50 per share.

For the third quarter ended 30 September 2009, the Company reported consolidated net income of USD44.4 million, or USD2.89 per share. For the nine months ended 30 September 2009, the Company reported consolidated net income of USD123.4 million, or USD8.03 per share. At 30 September 2009, shareholders' equity was USD1.15 billion