SIEM Offshore - ESG report 2023

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Siem Offshore Inc. // ESG REPORT 2023 1
2 Siem Offshore Inc. // ESG REPORT 2023 Front page photo: Mariusz Marchewka

For our people, our vessels and the environment CARING I COMMITTED I COMPETITIVE

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This ESG-report for 2023 is the fourth sustainability report in Siem Offshore to document our focus on Environmental, Social and Governance (ESG), and to display our development and performance within sustainable vessel operations and related activities.

Our vision “To be the leading vessel provider and the most attractive employer within our business”, together with our values “Caring - Committed - Competitive” are still the fundaments for our daily work, and through this report we will introduce you to the relevant sustainable activities as achieved throughout the year.

Our worldwide fleet consist of 26 vessels plus 3 vessels on ship management. Subtracting vessels on bareboat and in cold layup, this ESG Report and the climate reporting for 2023 cover 26 vessels under operational control.

The Company is ISM, ISO 9001:2015 and ISO 14001:2015 certified. We are certified DOC-holders for the following flag states: Norway, Bahamas, Cyprus, Nigeria and Canada.

The ESG Group currently consists of the ESG Director, CHRO, Operations Manager, CCO, HSEQ Director, Communications Advisor and Accounting Manager, in addition to a representative from each region in Australia, Brazil and Canada. An important part of the group’s work is to raise the awareness regarding sustainability and include the ESG work in our daily operation worldwide.

Social media is also considered to be an important part of the ESG-work, and to play a key role in helping us achieve our ESG goals, by distributing content that communicates our progress related to this, by focusing on bottom-up communications and the authentic stories.

As last year, the ESG report is divided into chapters in line with the main material topics found in the Double Materiality Analysis.

The preliminary results from the EU Taxonomy analysis are presented in this report, although not a requirement to do so.

As described in the Outlook-chapter, the new EU CSRD regulation valid from fiscal year 2024 will require an integrated finance and sustainability report on a format according to ESRS and ESEF-standard.

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GHG Emissions and Energy Management I page 7 Ecological Impact I page 13
Employee Health and Safety I page 17 Labor Practices in Supply Chain I page 18 Equality, Diversity and Inclusion I page 19 Anti-Corruption, Anit-Bribery and Sanctions I page 25 I Outlook - page 28 I Definitions - page 30 I Disclaimer and references - page 30 I
Table of Contents
6 Siem Offshore Inc. // ESG REPORT 2023 environmental E

GHG Emissions and Energy Management

Siem Offshore has set the following long-term environmental goals in line with the Norwegian Shipowners Association:

• To cut our greenhouse gas emissions by 50 percent by 2030 compared to 2008 (Total emissions intensity for the fleet)

• Only order vessels with zero emission technology from 2030

• Climate neutral fleet from 2050.

Through our Environmental Policy we confirm that we strive to minimize the impact of our operations to the environment and strive for zero spills. We report our emissions to IMO DCS and operate in compliance with MARPOL Annex VI, reg. 14 and IMO Global Sulphur Cap 2020 by using low sulphur marine gas oil only.

The company keep searching for solutions to reduce our GHG emissions and carbon footprint. Through internal Key Performance Indicators, Improvement plans and Ship Energy Efficiency plans, we constantly monitor and find areas for improvement. Current energy efficiency measures are typically:

• Shore power in port: Presently eight vessels have a 690V/60Hz shore power system installed which give zero GHG emissions/local particle emissions when connected. In addition, the noise is considerably reduced for the benefit of crew and the local community.

• Hybrid battery power system: As per 31.12.2023 four vessels have been upgraded with hybrid battery systems; Siem Symphony, Siem Pride, Siem Thiima and Siem Stingray.

• Regular hull cleaning: Service agreement in place with ECOSubsea

• Use of Høglund Ship Performance Monitor in connection with VPS Maress: The Maress software is a web-based tool where the crew on board can see immediate effect on energy efficiency measures, and shore organization can monitor and use data for further efficiency improvement. In 2023, 22 vessels are using Maress, 16 of these based on high-resolution sensor input from Høglund SPM and 6 vessels with daily input from Unisea Emissions.

• Yearly fuel campaign: Each year we run a fuel awareness campaign to strengthen the focus on energy usage onboard.

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Siem Offshore Inc. // ESG REPORT 2023 // Environmental

The overall FO-efficiency result from Maress for the fleet of 22 vessels as per 31.12.2023, was 2.3% higher than the expected consumption (baseline).

As for 2022, 2023 was very busy in terms of vessels days offshore, with 68% active time, meaning every vessel have been working offshore 250 days in average last year. The LNG-ratio has further decreased from 1.9% in 2022 to only 1.0% in 2023, which is due to the high price of LNG in todays’ market.

The shore power usage for vessels in operation has increased, now at approx. 0.3% of total energy mix (corresponding to 3105MWh).

Illustration from Maress Photo: C. Beyssier


The Carbon Intensity Indicator (CII) shall be the main KPI to quantify the emissions reduction targets as set in previous page. The CII is defined by Siem Offshore as follows:

The CII gives then an expression on how fuel efficient the vessels are during offshore operations, independent on number and type of vessels.

As seen, as per 31.12.2023 the overall CII for Siem Offshore of 133.1 is currently 1% above the target of 50% reduction from 2008 to 2030 (red line).

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CII = = (g/kWh) Total consumption (CO2) total power installed x hours in operation 31.12.2019 129.7 14 % 31.12.2020 167.5 -15 % 31.12.2021 147.3 -5 % 01.07.2022 126.3 9 % 31.12.2022 131.6 3 % 31.12.2023 133.1 -1%

The technical studies performed in 2022 on use of alternative fuels are still very valid and relevant, however awaiting correct opportunity and timing for both retrofit projects and potential newbuilds.

In 2023 a study on wind assisted propulsion on PSV was conducted:

The study based on actual wind profile for 2021-2022 for both North Sea (Siem Symphony) and NW Australia (Siem Thiima) indicate high energy savings for transit mode. As next step of the study we will investigate operational constraints, in addition to quantify installation method and cost.

GCE NODE: An industry-driven cluster for ocean technologies. Based in Southern Norway, GCE NODE comprises approximately 100 companies, most of which constitute a world-leading value chain of suppliers to the oil & gas, offshore, energy and maritime industries. Member since 2022.

ElMar project: A SINTEF project collaborating with port authorities, grid companies, energy-companies and ship owners where the aim is to reduce emissions by making the establishment and use of shore power and battery charging facilities more attractive. Member since 2020 and completed Summer 2023.

Green Shipping Programme: The Green Shipping Programme (GSP), a public-private partnership, aims to advance the Norwegian government’s maritime strategies and plans. The programme’s vision is to develop and strengthen Norway’s goal to establish the world’s most efficient and environmentally friendly shipping.

Southwind: Partnership with Southwind with goal to establish a hub in Kristiansand for offshore wind operations, in addition to establishment of a national centre of competence for offshore wind.

We believe that collaboration is essential to achieve the environmental goals and are part of following relevant partnerships and clusters:

Maress Sustainability Partnership (MSP): where the goal is to share knowledge and standardize usage among peers and competitors with similar vessels. Both the software and the MSP have received a lot of positive attention from both users and end clients. Member since 2021.

NCE Maritime Cleantech: A cluster organization which goal is to strengthen the cluster partner’s competitiveness by developing and launching innovative solutions for energy-efficient and clean maritime activities. Member since 2021.

The Norwegian NOx Fund (‘NOx-fondet’): All vessels trading in Norwegian waters have SCR-catalysators installed on board for cleaning NOx from exhaust. Member since 2009.

Wärtsilä Decarbonization Agreement: Partnership with key suppliers is seen as being key to finding the right technology solutions, and Wärtsilä and Siem Offshore have agreed to collaborate on decarbonisation solutions to reduce the carbon footprint for our vessels.

10 Siem Offshore Inc. // ESG REPORT 2023 Siem Offshore Inc. // ESG REPORT 2023 // Environmental
Photo: C. Beyssier Photo: Håvard Lekanger Otnheim

Ecological Impact

With vessels operating world-wide, biofouling management is important. We operate in compliance with the IMO Guidelines for the Control and Management of Ships’ Biofouling to Minimize the Transfer of Invasive Aquatic Species and IMO International Convention for the Control and Management of Ship’s Ballast Water and Sediments, and all our vessels are equipped with an approved Ballast Water Treatment Plant and a corresponding Ballast Water Management Certificate for Treatment method (D-2). We conduct regularly hull inspections on board our vessels and perform hull cleaning when necessary through the agreement with ECOSubsea. By having regularly inspections and monitoring, we control the biofouling risk and are able to optimize our fuel performance, which benefit both our clients and the environment.

The Company has worked actively to reduce the amount of waste on board the vessels. Several initiatives have been implemented, for instance replace single use water bottles with thermobottles and eliminate plastic cutlery and disposable plates. Our suppliers are also encouraged to seek for environmentally friendly solutions. Waste handling is strictly regulated on board and handled according to MARPOL regulation.

Ship recycling

When vessels are recycled, we ensure to comply with all regulations in the Hong Kong International

Convention, the Basel Convention, EU Ship Recycling Regulation and EU Waste Shipment Regulation. One ship was recycled in 2023; the Big Orange XVIII (previously on long-term bareboat) at approved facilities in Denmark.

Environmental figures and KPI’s Emissions

Our largest direct emission comes from the use of fuel onboard the vessels. In 2023 the total GHG emissions from 26 operational vessels amounts to 270 561 metric Tons CO2 equivalents.

For 2023 we will change the reporting principle to match EU CSRD as following: For vessels on time charter and thus outside our operational control, the fuel consumption and corresponding emissions will be reported under Scope 3. Hence only fuel consumption on idle time, during maintenance and for transits between projects will be reported under Scope 1.

Please note also the EEXI and CII-regulations entering into force in 2023 are not applicable for offshore vessels, hence the standard IMO accounting metric used for GHG emission intensity is not relevant for Siem Offshore.

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14 Siem Offshore Inc. // ESG REPORT 2023 Siem Offshore Inc. // ESG REPORT 2023 // Environmental Topic Accounting metric 2021 2022 2023 No of vessels in operation 26 25 26 Hours in operation 123 381 149 122 154 312 Sum of all vessel tailpipe emissions (Scope 1 + Scope 3, Cat 3) CO2 equivalents in metric tonnes (t) 229 131 264 965 270 561 CO2_e CO2_e CO2_e Gross global Scope 1 emissions CO2 equivalents in metric tonnes (t) NO DATA NO DATA 18 123 Operational approach, i.e. on idle time CO2_e Carbon Intensity Indicator (CII), based on total emissions 147.3 131.6 133.1 Hours in operation: DP/transit/AH, not in port or idle. Total CO2-emission in grams Energy mix, Scope 1-3 Total amount of energy consumed as an aggregate figure (in gigajoules/GJ) 3 334 910 3 810 697 3 884 673 Energy consumed from heavy fuel oil in % 0 0 0 Energy consumed from marine gas oil in % 94.3 97.9 98.7 Energy consumed from LNG in % 4.5 1.9 1.0 Energy consumed from renewable/low-carbon energy in % 1.2 0.2 0.3 Other air emissions, Scope 1-3 Emissions of other significant air pollutants, i.e. NOX, SOX, PM Nitrogen Oxides (NOx) [t] 2 684 3 303 3 159 Sulphur Oxides (SOx) [kg] 79 166 94 009 96 877 Particular Matter (PM) [kg] 102 724 121 984 125 706 Number and aggregate volume of spills and releases to the environment No. of oil spill 3 0 2 Aggregate volume 0.014 0 0.028 Total waste in m3 5 819 6 912 8 816 Shore power vessels in operations, location-based NO DATA 20 25 Shore-power vessels in layup, location-based NO DATA 12 5 Electricity office facilities, location based NO DATA 77 66 Category 1: Purchased goods and services (spend based model) NO DATA NO DATA 10 557 Category 3: Fuel consumption for vessels outside operation control (on time charter for clients) NO DATA NO DATA 252 438 Category 4: Transportation of goods and spare parts to vessels NO DATA 1 000* 2 500* Category 5: Waste generated onboard vessels NO DATA 2 500* 3 140 Category 6: Business travels for crew and office staff NO DATA 2 609 5 005 CII = = (g/kWh) Total consumption (CO2) total power installed x hours in operation Climate risk and climate footprint Air pollution Ecological impact Waste Scope 2 Numbers in mt CO2_e Scope 3 Numbers in mt CO2_e *Estimated
Photo: Mariusz Marchewka
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social S

Employee Health and Safety

Siem Offshore clearly states our commitment to provide a safe and harassment free workplace in our policies “Health and Safety Policy” and “Personnel and Crew Management Policy”. The Health and Safety for our employees continue to be our top priorities!

Safety at work is a continuous job and affect all employees, both on- and offshore. As described in our Health and Safety Policy:

“Everyone has the obligation to stop or delay activities that may place him/her or others at risk of being injured, or which could lead to harm to the environment or damage to the equipment.”

The Company has a well implemented reporting system to ensure that all incidents, accidents, near misses and safety observations are thoroughly followed up. Root cause analysis is an essential part of the investigation, to mitigate risk and prevent further occurrences. Experiences are shared across the global organization and with clients and partners via one-pager Lesson Learned and campaigns focusing on actual incidents and trends. This is an essential part of the continuously improvement process in the Company.

Through regular safety meetings on board, all employees play an active and important role to create a safe working

place. Lessons learned circulars and campaigns, sharing of experience and safety campaigns are important tools in the safety work and distributed regularly throughout the fleet.

Siem Offshore has a strong focus on Managerial visits onboard the vessels and management commitment and follow-up. The Company has set a dedicated KPI for this, targeting at least 2.2 visits per 200.000 hours worked. At the end of 2023 the KPI was at 3.2 in frequency, well above target. In addition, global Officers’ Conferences are arranged every second year for all vessels that strengthen the cooperation between shore and land and where Management are able to set new focus areas and targets. Next conference will be held in 2024.

We have procedures in place for management of contractors and prequalification of yards, to ensure that health and safety issues are in compliance with our standard for employees outside our organization. See also section below on Labour Practices in Supply Chain.

We ensure that all our Seafarers have good working conditions according to international regulations, conventions and industry standards. The various regulations cover conditions of employment, medical care, social security protection as well as standards for accommodation, recreational facilities, food and catering on board. All vessels operating in international waters are in compliance with MLC (Maritime Labour Convention).

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Siem Offshore Inc. // ESG REPORT 2023 // Social

In terms of security, Siem Offshore has a stand-alone Security Policy, stating the commitment to provide a secure working environment for all personnel. The Company is organized and certified in accordance with the International Ship and Port Facility Security Code (ISPS). All our ships are issued with flag state approved security plans. When transiting conditional- and High-Risk Areas they are prepared and hardened in accordance with ‘Best Management Practice 5’ (BMP5) and ‘Best Management Practice West Africa’ (BMP WA) in addition to measures recommended by insurance companies and other stakeholders. Security measure in regards to crew travel are laid down in ‘Travel Journey Management Plan’. All measures are based on up-to-date information and assessments from reliable sources.

Labour Practices in Supply chain – ‘Transparency Act’

The Transparency Act which entered into force 01.07.2022 for Norwegian companies sets requirements on human rights throughout the supply chain.

Siem Offshore has already a Human Rights-policy in place as published in the Corporate Code of Business Conduct “The Siem Way”, ref next section on governance. In 2023, a high-level risk assessment of the supply chain, called Due Diligence, was performed where shipyards outside

of Europe were identified as highest risk. Hence, as part of the work by the Dry-docking team in Siem Offshore, relevant shipyards will be audited with special focus on Human Rights. On this topic we also cooperate with other shipowners, sharing knowledge and relevant findings on human rights.

Through the Accounts of Due Diligence, Siem Offshore has documented and published the results from the human rights assessment.

Most of our seafarers are not directly employed, hence Siem Offshore cooperates with several crewing agencies, which allow us to have competent personnel on all our vessels worldwide. This includes use of local content, where required. To ensure good quality and proper conditions for the seafarers, all crewing agencies cooperating with Siem Offshore are certified in accordance with the Maritime Labour Convention, in addition to ISO 9001 certified. Evaluations and follow-up meetings, in addition to audits where appropriate, are conducted on a regular basis to keep continuous focus on quality and labour rights.

Siem Offshore supports freedom of association and the right of collective bargaining. Some of our regions have regular meetings where representatives from the various trade unions and representatives from the Management Team attend. Main topics are safety issues and a general brief from the various departments and unions. The climate between the unions and company has always been fruitful and based on mutual respect.


Equality, Diversity and Inclusion

Gender diversity is a focus area for the Company, and specific targets for gender diversity both offshore and onshore has been set as follows:

• Female seafarers in Level 3 & 4 (Jr. Officers & AB’s): 10% in 2025 and 20% in 2030

Similar KPI is set on gender diversity for onshore staff:

• Females in Level 1: 20% in 2025 and 40% in 2030

• Females in Level 2 & 3: 30% in 2025 and 40% in 2030

Status for 2023

The diversity mapping includes all seafarers including crewing agencies and all Siem-companies, giving a total of 1123 seafarers as per 31.12.2023 with following distribution:

• 47 women – 4.2% of total

• 1076 men – 95.8% of total

• 44 years average age

The age and gender distribution between Level 1 to 5 for the seafarers are as follows:

The onshore gender and age distribution between Level 1 to 5 are as follows:

For onshore staff as per 31.12.2023:

• 113 employees onshore, of which:

• 43 women – 39% of total

• 70 men – 61% of total

• 46 years average age

(Please note reporting of differences in salary for onshore staff is not performed due to less than 5 employees in each category)

Attracting the next generation to the maritime industry is a prominent issue. Siem Offshore wants to contribute to more young people joining the industry, and to succeed, we believe that all segments of our industry, including education institutions, should work more closely together and be more proactive.

Siem Offshore contributed to following social and educational initiatives during the year:


In line with our “Personnel and Crew Management Policy” we continue our effort to give young people an opportunity and recruit young Seafarers to our fleet. Young apprentices serve their sea time on board (mainly two years), in order to receive their Certificate of Proficiency. Since 2010, the Company has given 107 young people a possibility to stay on board as Apprentices. In 2023, 16 apprentices served their sea time on board our vessels.

Student work placement onboard

Every year since 2010 several high school students have had their work placement on board Siem Offshore vessels. This is a partnership with ‘Kvadraturen Videregående Skole’, a local high school in Kristiansand, Norway, and is one our initiatives to contribute to recruitment of young people to the maritime industry. In 2023, we had a total of 8 students on board various vessels.

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Offshore Avg age Male Female Level 1 50 100% 0% Level 2 43 98% 2% Level 3 44 95% 5% Level 4 44 99% 1% Level 5 40 78% 22% Siem Offshore Inc. // ESG REPORT 2023 // Social
Onshore Avg age Male Female Level 1 51 100% 0% Level 2 52 94% 6% Level 3 48 82% 18% Level 4 46 17% 83% Level 5 40 48% 52%

Donation to Maritim videregående skole Sørlandet

In 2023, Siem Offshore donated NOK100.000 to Maritim videregående skole Sørlandet (Southern Maritime High School) and their training vessel MS Lofoten. The funds were dedicated to recruitment of new students.

Christian Radich Sail Training Foundation Windjammer Program

In 2023, Siem Offshore teamed up with the Christian Radich Sail Training Foundation and the Windjammer Program, intended for unemployed youth facing social exclusion and who wants a career at sea. Siem Offshore hired two of the participants as extra crew, where they got the training needed onboard Siem Symphony.

Tall Ships Races – Sponsorship for youth voyage

In 2023 Siem Offshore sponsored Tall Ships Races’ youth voyage from Lerwick-Arendal with two seats for two of Siem Offshore’s apprentices.

Scholarships to Marine Institute Canada

Siem Offshore Canada awards yearly two $2,500 scholarships to students at the Marine Institute, St. John’s NL and three $1,000 bursaries to students at Nova Scotia Community College, all who must be in academic good standing and who self-identify as being a designated group member. The award recipients are offered cadet positions onboard our vessels to complete their work terms to successfully graduate from their programs of study.

4100 breakfasts to children in need.

Collaboration for school breakfasts

In 2023, Siem Offshore Canada collaborated with Courtyard by Marriott St. John’s Newfoundland for the beneficiary program Kids Eat Smart Foundation Newfoundland & Labrador, which aims to provide nutritious breakfasts to school-aged children, ensuring they begin their day with the fuel they need to thrive. In total $4100 was contributed, providing 4100 breakfasts to children in need.

Green Marine Membership

Siem Offshore Canada is certified as a Green Marine member. Green Marine is the leading environmental certification program for North America’s maritime industry. It is a voluntary initiative that helps its participants to improve their environmental performance beyond regulations. Green Marine targets key environmental issues related to air, water and soil quality, and community relations.

Nautical Skills Competition

Siem Offshore Canada is a sponsor of the Nautical Skills Competition (NSC) which is a series of challenging exercises designed to test knowledge and ability in maritime skills in a fun and competitive environment. Two Siem Offshore Canada employees are members of the Master Mariners of Canada and will volunteer as judges at the annual NSC in March 2024.

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Social figures and KPI’s

The HR-department calculate retention rate and sick leave for onand offshore personnel. The statistics are distributed to the company’s Management team and our Board of Directors on a quarterly basis.

• In 2023 the retention rate of on- and offshore employees was greater than 70%.

• The sick leave rates for both on- and offshore employees are well below the different countries’ average sick leaves.

Relevant social figures as per NSA guidelines

Siem Offshore Inc. // ESG REPORT 2023 21 Siem Offshore Inc. // ESG REPORT 2023 // Social Sick leave Offshore & Office: 2021 2022 2023 Sick leave - Offshore Norway 1.60% 1.63% 2.54% Brazil 1.19% 0.47% 0.58% Canada 3.31% 3.97% 2.80% Sick leave - Office Norway 0.60% 0.74% 1.03% Brazil 1.97% 0.81% 0.63% Canada 0.09% 1.04% 0.75% Topic Accidents, Safety and Labour Rights Accounting metric 2021 2022 2023 Exposure hours 4 288 955 4 455 180 4 845 648 LTI Rate 0.23 0.67 0.21 TRI Rate 0.93 1.57 2.07 Marine Casualties 0 0 0 Port State Control No. of PSC-controls 1 10 13 No. of detentions 0 0 0 No. of deficiencies 2 18 19
Photo: C. Beyssier
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Anti-Corruption, Anti-Bribery and Sanctions

It is the policy of Siem Offshore to maintain the highest level of ethical standard in the way we conduct our business. We fully support the UN Global Compact Guiding Principles related to Human Rights, Labour, Environment and Anti-Corruption. The company has taken several actions to work towards a transparent, ethical and corruption free business.

Our Corporate Code of Business Conduct “The Siem Way” gives guidance on how to behave when conducting our daily business activities related to human rights, sexual harassment, bullying, whistleblowing, fair and equal treatment, conflict of interest, anti-bribery, anti-corruption, antitrust and competition, trade restrictions, export controls, boycott regulations and insider trading. A revision will be made in 2024 including requirements in Transparency Act and the new membership in the Maritime Anti-corruption Network (MACN).

Introduction to the Code of Business Conduct and other relevant polices is part of the Employees Introduction programme and is also applicable to partners and suppliers. “The Siem Way” is available on our website:

Siem Offshore has stand-alone policies related to HSEQ, Security, Information & Communication Technology,

Anti-Bribery, Modern Anti-Slavery, Anti-Money Laundering, Conflicts of Interest, Competition Compliance, Dealing and Sanctions.

A separate whistleblowing policy is in place which aim is to provide an internal mechanism for reporting, investigating and remedying any wrongdoing in Siem Offshore. In 2023 1 whistleblower report was received.

The Company keeps high attention towards third parties. To ensure that our business partners meet all our expectation and operate within the law, a dedicated Compliance Advisor conduct risk based due diligence before new contracts are entered. The online system Dun & Bradstreet is used to access information about a company’s credit and risk, as well as family tree. Refinitiv World Check One is used for due diligence in order to screen counterparts regarding sanctions and other penalties.

Siem Offshore has a zero tolerance for bribery and corruption. To maintain a continuous focus, yearly mandatory anti-bribery training is implemented for all seafarers. Onshore staff complete bribery prevention and economic sanctions courses. The training is mandatory for all employees and will be conducted yearly.

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Siem Offshore Inc. // ESG REPORT 2023 // Governance

In 2023, no vessel port calls, visits or activities were made in countries rated bottom 20 of the Transparency International’s Corruption Perception Index (CPI).

EU Taxonomy

Although not specifically required to do so, an analysis of eligible and aligned activities according to the EU Taxonomy are performed to establish which of our activities that can be classified as ‘green’. For oil & gas-operations only activity found aligned under Climate Change Mitigation is the battery hybrid-retrofit of Siem Stingray, under Activity 6.12 and for Substantial Contribution Criteria 1 (valid until 31.December 2025) that reduces the fuel consumption with at least 10%. Next year the analysis will include eligible activities from renewable energy operations like offshore wind support and similar.

Relevant governance figures as per NSA guidelines

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Siem Offshore Inc. // ESG REPORT 2023 // Governance Topic Business Ethics Accounting metric 2021 2022 2023 Corruption risk 0 0 0 Facilitation payments 0 0 0 Fines 0 0 0 No. of due diligence performed 58 32 20
Photo: Mariusz Marchewka


As the safety of our crew is the most important to us, we will continue the safety work and are committed to improve the negative HSE-trends as seen in 2023.

We will continue to evaluate future alternative energy sources for our vessels, such as ammonia, and the applicability the various alternatives have from a technical and environmental perspective, both for retrofit-projects and for potential newbuilds.

We will continue to improve vessel monitoring and environmental performance through exploitation of digitalized solutions, allowing increased efficiency and subsequent reduced emissions. Implementation of ISO 50001 Energy Management are planned for in 2025.

We will continue to conduct annual anti-bribery training for all seafarers and shore personnel, to ensure focus and awareness.


As seen during the mapping of personnel in 2023, the age of the seafarers are increasing, and recruitment of younger seafarers will be an important area to focus on in the years to come.

The ESG Reporting tool by Metizoft is still under development with focus on automatic collection of relevant data.

The EU Corporate Sustainability Reporting Directive (CSRD) is valid for Siem Offshore from fiscal year 2024, and data filtering and collection is ongoing. The Annual report for FY 2024 will be an integrated report including the sustainability reporting according to material parts of the CSRD and European Sustainability Reporting Standards (ESRS).



Work Hours

Represent the total number of work onboard based on 24 hours per day for all marine crew.

Waste generated across the fleet

Waste [m3] x 1 000 000 / Work hours

Carbon Intensity Indicator (CII):


This report covers the period 01 January –31 December 2023. Information provided in the report is based on best available data at the time the report was issued and to the best of our knowledge.

TRI Rate (TRI)

TRI means Total Recordable Injuries and include Lost Time Injury (LTI), Medical Treatment (MTI) and Restricted Work Case (RWC), ref IMCA SEL 09/07.

The TRI-rate is calculated as follows:

LTI+MTI+RWC Work hours

TRI = x 1 000 000

Retention Rate

The office retention rate is calculated as follows:


Where A= Number of terminations from whatever cause, B = number of unavoidable terminations (incl retirements, long term illness and organizational changes) and E = number of all employees who were employed at the beginning of the year.

The figures and numbers in this report include vessels on ship management, in addition to owned vessels from Siem Offshore AS, Siem Offshore do Brazil and Siem Offshore Canada LP. The fleet consist of 26 fully and partly owned vessels, in addition to 3 vessels under ship management. Of these, 1 vessels were in long-term layup during 2023 and 2 vessels on bareboat contract or other ship management which are excluded here. Hence, this ESG Report, and the climate reporting for 2023, will cover 26 operational vessels under control of Siem Offshore Inc.

All other definitions as per ‘‘Norwegian Shipowners Association – Updated Guidelines ESG Reporting 2021”.


Norwegian Shipowners’ Association ESG Guidelines Marine_Transportation_Standard_2018.pdf

Level 1-5
seafarers Level Position Comment 1 Captain / OIM / Chief Engineer 2 Chief Officer / 2nd Officer / 2nd 2nd Off = 1. styrmann Engineer / ETO 2nd Eng = 1. maskinist 3 3rd Officer / 3rd Engineer / Ch Steward 3rd Off = 2. styrmann (Cook) / Bosun 3rd Eng = 2. maskinist 4 AB / Crane Operator / Fitter 5 Steward / Stewardess
30 Level 1-5 for office employees Level Position 1 Corporate Management 2 Directors / Department leads 3 Managers
Advisors and controllers
= = (g/kWh) Total consumption (CO2) total power installed x hours in operation
and administrators CII
x 100% E
Photo: Honorio jr. Villafranca
32 Siem Offshore Inc. // ESG REPORT 2023 Nodeviga 14 I 4610 Kristiansand I Norway Tel. +47 38 60 04 00 CARING I COMMITTED I COMPETITIVE For our people, our vessels and the environment Aksell
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