Siem Offshore Inc. (the "Company") as issuer has today summoned a bondholders'
meeting in the Company's bond issues SIOFF 01 with ISIN NO 001 0670441 and SIOFF
02 with ISIN NO 001 0708670, as part of the restructuring of the Company and its
subsidiaries ("SIOFF" or the "Group"). The bondholder meetings in SIOFF 01 and
SIOFF 02 will be held on 5 February at 12 hours (Oslo time) at the premises of
Nordic Trustee AS, Kronprinsesse Märthas plass 1, 0160 Oslo, 7th floor.

The Group has since Q1 2020 worked with its secured lenders and bondholders,
towards a consensual financial restructuring. SIOFF is pleased to announce that
it is in the final stages of negotiations with the European banks and expects to
sign a formal term sheet for the restructuring of the Group's credit agreements
with these lenders shortly. In parallel, the Company has been working with key
bondholders in SIOFF 01 and SIOFF 02 to secure agreement for a restructuring
proposal in respect of these two bond issues, which proposal is presented in the
summons published today. The Company has obtained confirmation from key
bondholders representing a substantial share of all bonds that they support the
restructuring process of the Group and that they will vote in favour of the
proposal. Further, the European banks have confirmed their support of the bond
restructuring proposal.

The main terms of the restructuring agreed with the European banks, key
bondholders and shareholders include:

o	Total equitization of approximately USD 268 mill of debt, including:
o	Bond debt: USD 129 mill
o	Secured bank debt: USD 132 mill
o	Hedging liabilities: USD 7 mill 

o	The SIOFF 01 bonds will receive a payment of USD 4 million, and the residual
claim will be converted to equity in the Company.

o	The SIOFF 02 bond liabilities will be converted to equity in the Company in
their entirety.

o	Remaining secured debt following conversion to be guaranteed by SIOFF and to
be serviced in full, in part or by cash sweep only depending on categorization
based on contract situation, current market conditions and forecast. No debt
amount will be in excess of current market values.

o	Extension of maturity for secured facilities with original maturity date
before 31 December 2024.

o	Revised financial covenants.

o	Revised general undertakings.

o	The equitized debt will be converted to shares at a price of NOK 0.10 per
share.

o	The final amount of converted debt will depend on the marked to market values
of the Group's hedging agreements, potential divestments of vessels and
potential conversion of debt owed to the Brazilian banks.

o	Based on figures as of year-end 2020, the existing shares are expected to
represent approximately 4%, and the converted debt (including that of the
bondholders) will represent at approximately 96% of the Company's shares after
restructuring.

o	Upon completion of the restructuring, Siem Industries Inc. is expected to hold
approximately 30% of the Company's shares. The expected ownership is a result of
conversion of Siem Industries position of SIOFF 02 bonds and the existing equity
position.

The components of the restructuring are subject to credit and internal approvals
with the stakeholders, as well as satisfactory documentation and conditions
precedent. The agreements with the European banks and the bondholders are
further mutually conditional, and subject to a satisfactory refinancing solution
with the Brazilian banks. 

The Group remains in discussions with the Brazilian banks with the aim of
securing their participation in the restructuring, but has so far not been able
to reach agreement for a long-term solution. While the negotiations with the
Brazilian banks continue, the Group is exploring alternative options with a view
to consummate the restructuring without the consensual participation of BNDES
and Banco do Brazil.

For further information, please contact: 

Dagfinn B. Lie 
Chief Financial Officer 
Siem Offshore Inc. 
Phone +47 901 99 051

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