Subsea 7 — Capital/Financing Update 2010

Oct 27, 2010

NOTICE TO HOLDERS OF:
Subsea 7 Inc. (the "Issuer")
U.S.$175,000,000 Zero Coupon Convertible Notes due 2017
(ISIN: NO 001 0372774; Common Code: 030432860)
(the "Notes")

NOTICE OF REDEMPTION AT THE OPTION OF THE ISSUER

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.

Please find details below:

Optional Redemption Date:	29th November 2010
Accreted Principal Amount:	U.S. $ 103,291.15 in respect of each U.S.$100,000 principal amount of Notes
Conversion Price (as at latest practicable date prior to the publication of this notice):	U.S. $ 28.1772
Aggregate principal amount of the Notes outstanding (as at latest practicable date prior to the publication of this notice):	U.S. $ 3,400,000
Closing price of the Ordinary Shares (as derived from Oslo Stock Exchange on 26th October 2010):	NOK 123.20
Conversion Rights may be exercised by Noteholders up to close of business in Oslo, Norway on:	22nd November 2010

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 526000 Telefax: +44 1224 527000
GIVEN for and on behalf of the Issuer on 27 October 2010.

subsea 7