Siem Industries Inc. announced that its Board of Directors has declared a cash dividend of $0.20 per share for shareholders of record at the close of trading on May 10, 2013, and payable to shareholders on May 17, 2013.

Siem Industries Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company reported operating revenues of $44,076,000 compared to $38,756,000 for the same period a year ago. Total income was $89,326,000 compared to $63,139,000 last year. Income before income tax expense was $25,111,000 compared to loss before income tax expense of $87,081,000 last year. Net income was $25,093,000 compared to net loss of $87,804,000 last year. Net income attributable to the holders of common shares was $25,941,000 or $1.70 per basic and diluted share compared to net loss attributable to the holders of common shares of $60,627,000 or $3.96 per basic and diluted share last year. For the year, the company reported operating revenues of $176,378,000 compared to $181,839,000 for the same period a year ago. Total income was $457,477,000 compared to $272,042,000 last year. Income before income tax expense was $245,341,000 compared to loss before income tax expense of $52,411,000 last year. Net income was $245,203,000 compared to net loss of $53,306,000 last year. Net income attributable to the holders of common shares was $246,511,000 or $16.15 per basic and diluted share compared to net loss attributable to the holders of common shares of $20,586,000 or $1.34 per basic and diluted share last year. Net cash provided by operating activities was $80,155,000 compared to net cash used in operating activities of $9,198,000 last year. For the quarter, the company’s impairment losses were $20.9 million compared to $93.7 million last year.

Siem Industries Inc. announced that the shareholders at its Annual General Meeting to be held on May 3, 2013 proposed amend and restate to the company's Memorandum and Articles of Association of the company.