Siem Offshore is pleased to announce a significant milestone for the Company: the signing of new agreements with Helix Energy Solutions for our Well Intervention vessels, “Siem Helix 1” and “Siem Helix 2”. These contracts, valued at a total of USD 682 million, demonstrate our partners’ trust in our expertise and a significant commitment to long-term success in the offshore industry.

The new contracts, effective from January 1.2025, and January 1, 2026, respectively, replace existing agreements and ensure firm utilization for these key vessels until at least 2030. With a duration of 6 years for each vessel, and the option for extension for up to 5 years, this provides a solid foundation for future earnings and growth for Siem Offshore.

Siem Helix vessels have played a crucial role in the Well Intervention segment, and our longstanding partnership with Helix Energy Solutions is a testament to our mutual success. Since the vessels were built in 2016, the collaboration between our organizations has strengthened, and our dedication to quality and efficiency has been recognized by our clients.

We are proud of this achievement and look forward to the continuation of our successful collaboration with Helix Energy Solutions and other partners in the years to come.