Subsea 7 - Capital/Financing Update 2014

Subsea 7 S.A. Convertible Bond Information

Luxembourg - 6 October 2014 - Subsea 7 S.A. (Oslo

Børs: SUBC; the Company) today announced details with

respect to conversions and the redemption of its $275

million 3.5% Convertible Bonds due 2014 (ISIN

NO0010542327; the Bonds) which will mature on 13

October 2014 (the Maturity Date).

Investors have elected to convert Bonds into Company

shares for an aggregate principal amount of

$13,800,000 at a conversion price of $15.32 per

share. The Company will deliver a total of 900,783

shares to converting bondholders from the Company's

treasury shares on 13 October 2014.

On 26 September 2014 the Company announced it had

purchased Bonds with an aggregate principal amount of

$79,100,000. These Bonds have been cancelled.

On 10 June 2014 the Company announced that it had

converted Bonds with a principal amount of $100,000

into 6,321 Company shares held in treasury at that

time.

The balance of the Bonds in the aggregate principal

amount of $182,000,000 will be redeemed on the

Maturity Date from the Company's available cash

balances.

At close of business on 3 October 2014 Subsea 7 S.A.

held indirectly 20,527,447 treasury shares

representing approximately 5.84% of the total number

of issued shares. In addition, 1,526,200 shares were

held in an employee benefit trust to support the Long-

Term Incentive Plan and a further 265,765 shares were

held in a separate employee benefit trust to support

the restricted stock award plan. Total shares in

issue, including treasury shares, were 351,793,731.

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