Siem Offshore Inc. reported impairment charges for the fourth quarter ended December 31, 2018. For the quarter, the company reported impairment of vessels of USD 47,605,000 compared to USD 54,236,000 a year ago. Impairment of intangibles were USD 1,080,000.

The company has made a preliminary analysis of the non-cancellable operating lease commitments at 1 January 2019 and expects to recognize right-of-use assets in the range of USD 5 million – USD 10 million on 1 January 2019 and lease liabilities in the range of USD 5 million – USD 10 million (after adjustments for prepayments and accrued lease payments recognized as at 31 December 2018). The company expects that net profit after tax will decrease by less than USD 1 million for 2019 as a result of adopting the new rules.