Subsea 7 — Earnings Release 2016

Mar 2, 2017

Subsea 7 S.A. Announces Fourth Quarter and Full Year 2016 Results

Subsea 7 S.A. Announces Fourth Quarter and Full Year 2016 Results

Luxembourg - 2 March 2017 - Subsea 7 S.A. (the Group) (Oslo

Børs: SUBC, ADR: SUBCY) announced today results for the

fourth quarter and full year which ended 31 December 2016.

Unless otherwise stated the comparative period is the full

year which ended 31 December 2015.

Full Year 2016 highlights

- Adjusted EBITDA percentage margin increased to 32%

for the full year 2016, driven by cost discipline,

operational performance and successful project completions

- Delivered new-build vessels and invested in

technological innovation to strengthen Subsea 7's market-

leading position

- Subsea Integration Alliance, Subsea 7's alliance

with OneSubsea, awarded the Dalmatian field project in the

US Gulf of Mexico, its first EPIC project

- Net cash of $1,249 million at 31 December 2016, with

$1,046 million cash generated from operations in 2016

- Special dividend of NOK 5.00 per share to be

recommended to shareholders, reflecting excellent operating

performance and resulting strong financial and liquidity

position

Jean Cahuzac, Chief Executive Officer, said:

'We delivered good operational and financial performance in

2016, despite the continued industry-wide downturn in

activity. This performance reflected successful

implementation of our cost reduction measures, while

maintaining high standards of execution and preserving the

Group's expertise and capability. We experienced keen

interest in our innovative technology and collaborative

solutions, including our industry alliances and client

partnership agreements.

Our differentiated offering has been effective in

strengthening our market position throughout the downturn

and our robust financial position has enabled us to continue

to invest in our technology and assets. In 2016 we drew

close to completing our multi-year new-build vessel

programme and the last three vessels were delivered in

January 2017. We acquired a specialist polymer lining

company, Swagelining, and continued to invest in our five

strategic technology programmes to develop cost-effective

solutions for our clients.

Looking ahead to 2017 we are well positioned to build on our

strengths. We are seeking to expand our presence in

renewable energy, and in January 2017 made an offer to

acquire Seaway Heavy Lifting, a company in which we already

hold a 50% interest. We remain focused on finding better,

more efficient solutions to enable our clients to sanction

their projects in a lower oil and gas price environment.'

The full release is available on Newspoint.no and

subsea7.com websites.

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Subsea 7 S.A. is a leading global contractor in seabed-to-

surface engineering, construction and services to the

offshore energy industry. We provide technical solutions to

enable the delivery of complex projects in all water depths

and challenging environments.

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Contact for investment community enquiries:

Isabel Green

Investor Relations Director

Tel +44 (0)20 8210 5568

isabel.green@subsea7.com

www.subsea7.com