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Subsea 7 Capital/Financing Update 2011

Jan 11, 2011

6244_rns_2011-01-11_c94fc87d-8d2d-4617-8511-603fc3d84486.html

Capital/Financing Update

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Subsea 7 S.A. Change of Control Notification US$300m 2.80% Convertible Notes due 2011

Luxembourg - January 11, 2011 - Subsea 7 S.A.

(the "Company") (NASDAQ-GS: SUBC; Oslo Børs: SUBC)

announces that pursuant to Condition 6(g) of the

US$300m 2.80% Convertible Notes Due 2011 the Company

has issued a Change of Control Notice.

The Change of Control Notice is herewith attached.

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Subsea 7 S.A. is a seabed-to-surface engineering,

construction and services contractor to the offshore

energy industry worldwide. We provide integrated

services, and we plan, design and deliver complex

projects in harsh and challenging environments.

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Contact:

Karen Menzel

Subsea 7 S.A.

+44 (0)20 8210 5568

[email protected]

www.subsea7.com

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