Subsea 7 — Capital/Financing Update 2010

Oct 27, 2010

NOTICE TO HOLDERS OF Subsea 7 Inc.

NOTICE IS HEREBY GIVEN to the holders of the Notes

that, pursuant to Condition 7(b)(ii) (Redemption at

the Option of the Issuer) of the Notes, the Issuer

will redeem all of the Notes at their Accreted

Principal Amount on the Optional Redemption Date.

Details can be found in the accompanying pdf document.

Capitalised terms in this notice shall, except where

the context otherwise requires and save where

otherwise defined in this notice, bear the meanings

given to them in the Trust Deed dated 29 June 2007.

For further information, please contact:

Subsea 7 Inc.

P.O. Box 309

Ugland House

South Church Street

George Town

Grand Cayman KY1-1006

CAYMAN ISLANDS

Attention: Company Secretary

Alternatively, please contact:

Assistant Company Secretary

Telephone: +44.1224.526.000 Telefax:

+44.1224.527.000

GIVEN for and on behalf of the Issuer on 27 October

2010.