Subsea 7 — Director's Dealing 2019

Jun 4, 2019

SIEM INDUSTRIES INC. – MANDATORY NOTIFICATION OF TRADE – PUT AND CALL OPTIONS

SIEM INDUSTRIES INC. – MANDATORY NOTIFICATION OF TRADE – PUT AND CALL OPTIONS

3 June 2019 – Siem Industries Inc. (the “Company”) announces that it has today entered into an OTC Option structure with 8 legs and the underlying shares being Subsea 7 S.A. (“SUBC”) shares. Two of the legs represent bought Calls for an aggregate 4,560,000 SUBC shares and 6 of the legs represent sold Puts for an aggregate 7,600,000 SUBC shares with the details as follow:

Bought Call Sold Put Strike

Underlying Underlying Price

Expiry Shares Shares NOK

2019 Aug 16 1,140,000 90

2019 Nov 15 1,140,000 90

2020 Feb 21 1,140,000 90

2020 May 15 1,140,000 90

2020 Dec 18 1,520,000 85

2020 Dec 18 2,280,000 103

2021 May 23 1,520,000 83

2021 May 23 2,280,000 103

In the event that all options are exercised, the number of Subsea 7 shares beneficially-owned by the Company will increase from 71,712,977 shares to 83,872,977 shares, or approximately 26.9% of Subsea 7’s issued shares.

Siem Industries is represented on the Board of Directors of Subsea 7 S.A. by Kristian Siem and Eystein Eriksrud, the Company’s Chairman and Deputy CEO, respectively.

Siem Industries Inc.

Michael Delouche

www.siemindustries.com