Subsea 7 — Earnings Release 2017

Mar 1, 2018

Subsea 7 S.A. Announces Fourth Quarter and Full Year 2017 Results

Subsea 7 S.A. Announces Fourth Quarter and Full Year 2017 Results

Luxembourg - 1 March 2018 - Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR: SUBCY, ISIN: LU0075646355) announced today results for the fourth quarter and full year which ended 31 December 2017. Unless otherwise stated the comparative period is the full year which ended 31 December 2016.

Fourth Quarter and Full Year 2017 highlights

-Reported Adjusted EBITDA percentage margin of 26% for the full year 2017 and 18% for the fourth quarter, reflecting lower margin projects and less activity across the industry partly offset by strong operational performance

-Strengthened market-leading position with strategic acquisitions in Renewables and the Middle East

-Enhanced capability with delivery of two new-build vessels and investment in leading-edge technology

-Collaborated with leading industry partners to engage earlier and introduce new technology and integrated services

-Reported net cash of $826 million at 31 December 2017, and $656 million unutilised credit facilities

-Announced special dividend of NOK 5.00 per share to be recommended to shareholders, reflecting a strong financial and liquidity position and an improved outlook for new awards

Jean Cahuzac, Chief Executive Officer, said:

'We performed well in 2017, delivering good operational and financial results, despite the persistently challenging conditions in the offshore oil and gas markets. Our integrated solutions gained traction with clients and contributed to our financial performance and order intake.

Early identification of industry trends enabled us to prepare for change and drive innovation. We have taken advantage of the cyclical market conditions in 2017 to increase our presence in offshore renewable energy services and acquire an established position in Conventional oil and gas services in the Middle East. Our strategic technology programme led to the first award of a project using our Electrically Heat Traced Flowline technology and we took the opportunity to invest counter-cyclically in a new reel-lay vessel for long distance tie-back projects of the future.

Our values of innovation and collaboration have enabled us to deliver the best solutions for our clients and develop strong alliances, partnerships and technology that will contribute to the long-term sustainability of offshore energy. Our commitment to integrated solutions has been ratified with key project awards in 2017 and growing client interest in collaborative solutions.

In the first quarter of 2018 we have taken the opportunity to grow and strengthen our business. Building on our existing relationships and targeted investment approach, we have:

-affirmed our commitment to integrated solutions by announcing our intention to form a joint venture with Schlumberger;

-enhanced our early engineering expertise by acquiring a strategic interest in Xodus; and

-extended our renewable energy capability by acquiring a cable laying company.'

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