Siem Offshore do Brasil has been notified of the final unfavorable decision of a
Brazilian court in a lawsuit filed against Petrobras. The case is related to
late delivery of the vessel Siem Marataizes from yard back in 2016. A late
delivery penalty charge was imposed by Petrobras on Siem Offshore do Brasil. The
penalty charge has been accrued for in previous years' accounts and will not
have any impact on the Profit and Loss account for 2022. The unfavorable
decision of the court amounts to a cash payment equivalent to around USD 8
million.