Subsea 7 — Capital/Financing Update 2014

Jun 10, 2014

Partial conversion of US$275million 3.5% Convertible Bonds due 2014

Partial conversion of US$275million 3.5% Convertible Bonds due 2014

Luxembourg - 10 June 2014 - Subsea 7 S.A. (Oslo Børs:

SUBC; the Company) today announced details with

respect to a partial conversion of its US$275million

3.5% Convertible Bonds due 2014 (ISIN NO0010542327,

the Bonds) which will mature on 13 October 2014.

Investors elected to convert Bonds into Company

shares for an aggregate principal amount of

US$100,000 at a conversion price of US$15.82 per

share. On 6 June 2014 the Company delivered a total

of 6,321 shares to converting Bondholders.

The shares issued to Bondholders were delivered from

the Company's treasury shares.

As at close of business 6 June 2014 Subsea 7 S.A.

held indirectly 18,858,567 treasury shares

representing approximately 5.36% 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 681,967 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.