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 2008, Siem Industries reported consolidated net income of USD158.8 million, or USD10.24 per share, and shareholders' equity of USD1.03 billion. The Group had 114 vessels and 6,600 employees, including seafarers.

For the second quarter ended 30 June 2009, the Company reported consolidated net income of USD36.6 million, or USD2.38 per share. For the six months ended 30 June 2009, the Company reported consolidated net income of USD78.9 million, or USD5.14 per share. At 30 June 2009, shareholders' equity was USD1.11 billion

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