Letter of intent with Petrobras for two mid-sized PSVs

Siem Offshore has entered into a Letter of Intent ("LoI") with Petrobras Oil & Gas B.V. Turkey for two of its mid-sized PSVs.

The LoI is for a charter period of approximately 2 years with 1 year option for each of the PSVs. The area of operation shall be Black Sea Turkish sector and the scope of work is to perform logistical services to support the fifth-generation semi-submersible drilling unit, Leiv Eriksson.

The contract is scheduled to commence in fourth quarter 2009, and the contract value for Siem Offshore’s scope of work is approximately USD 25 million for the firm period.

Siem Offshore