Note 6 - Investment in Subsidiaries

(Amounts in USD 1,000) Company	Registered office	Ownership and voting share		Revenue	Net profit	Share capital	Book equity	Cost price	Book value	Minority share of net profit/(loss)	Minority share of net equity	Impairments made in 2017
Siem Offshore AS	Kristiansand, Norway	100%		7,698	690	35	8,822	8,943	8,943	-	-	-
Siem Offshore Invest AS	Kristiansand, Norway	100%		10,327	-16,551	898	46,219	97,408	77,408	-978	1,353	-
Siem Offshore Rederi AS	Kristiansand, Norway	100%		132,315	-61,419	6,175	205,245	310,500	227,500	-17,873	-4,751	83,000
Siem Offshore Construction Vessels AS	Kristiansand, Norway	100%		15,528	-4,770	4	-3,865	17,156	-	-	-	17,156
Siem Offshore do Brasil SA	Rio de Janeiro, Brazil	100%		29,415	-3,870	158,909	-41,762	106,368	30,000	-	-	78,105
Siem Offshore US Inc.	Delaware, USA	100%		-	-8	-	5,287	-	-	-	-	-
Siem AHTS Pool AS	Kristiansand, Norway	78%		29,693	-94,206	139	235,483	275,825	238,825	-20,868	51,135	37,000
DSND Subsea Ltd	London, England	100%		-	-11	0	-227	18,352	-	-	-	-
Siem Offshore Services AS	Kristiansand, Norway	100%		1,523	-1,226	18	-769	5,068	-	-	-	5,068
Siem Offshore Management AS	Kristiansand, Norway	100%		8,742	138	17	2,480	7,211	2,511	-	-	4,700
Siem Offshore Management (US) Inc	Texas, USA	100%		108	26	1	272	1	1	-	-	-
Siem Offshore US Holding AS	Kristiansand, Norway	100%		-	-4	5	86	961	961	-	-	-
Siem Offshore Thiima AS	Kristiansand, Norway	100%		-	-	4	4	4	4	-	-	-
Siem Offshore Crewing (CI) Inc	Cayman Islands	100%		296	269	50	1,834	50	50	-	-	-
Total value recorded in the statements of financial position of the parent company							459,108	847,848	586,204	-39,720	47,737	225,029

The above companies are owned by the Parent. In addition, the subsidiaries own the following companies:

Company	Registered office	Share and voting rights
Consub Delaware LLC	Delaware, USA	100%
Aracaju Serviços Auxiliares Ltda	Rio de Janeiro, Brazil	100%
Siem Offshore Crewing AS	Kristiansand, Norway	100%
Siem Pilot DA	Stavanger, Norway	100%
Siem WIS AS	Bergen, Norway	60%
Siem Offshore Maritime Personnel AS	Kristiansand, Norway	100%
Siem Offshore Contractors GmbH	Leer, Germany	100%
Siem Offshore Contractors EPS BV	Glimmen, The Netherlands	100%
Overseas Drilling Ltd	Groningen, The Netherlands	100%
Siem Offshore Canada Inc	Halifax, Canada	100%
Siem Offshore Poland Sp.z.O.O	Gdynia, Poland	100%
Siem Offshore Australia Pty Ltd	Perth, Australia	100%
Siem Real Estate GmbH	Leer, Germany	100%
Siem Offshore Contractors UK Ltd	Aberdeen, UK	100%
Siem Offshore Ghana International AS	Kristiansand, Norway	51%
Siem Offshore LLC	Delaware, USA	100%
Secunda Holdings SLH	Halifax, Canada	100%
Siem AHTS Pool Australia PTY LTD	Perth, Australia	100%

Consub Defesa e Tecnologia SA was sold in 2017.