Subsea 7 — Capital/Financing Update 2016

May 26, 2016

Siem Industries' announcement of intention to issue an exchangeable bond

Siem Industries' announcement of intention to issue an exchangeable bond

GEORGE TOWN, GRAND CAYMAN, 26 May 2016 - SIEM

INDUSTRIES INC. announces the launch of an offering of

Senior Secured Exchangeable Bonds due 2021

exchangeable for Common Shares of Subsea 7 S.A.,(Oslo

Børs: SUBC, ADR: SUBCY), for an initial principal

amount of EUR 200 million, which may be increased to

up to EUR 275 million (the "Exchangeable Bonds"); and

a concurrent repurchase of its outstanding 1.00%

Exchangeable Bonds due 2019 exchangeable for Common

Shares of Subsea 7 S.A. (the "2019 Exchangeable

Bonds", ISIN NO0010657968), through a reverse

bookbuilding (the "Concurrent Repurchase")

The full PDF containing the notice of disclosure

including important disclaimers has been published by

Siem Industries (Oslo Børs: SIEIN02) and is also

available on www.subsea7.com.