Subsea 7 — Earnings Release 2019

Nov 7, 2019

Subsea 7 S.A. Announces Third Quarter 2019 Results

Subsea 7 S.A. Announces Third Quarter 2019 Results

Luxembourg - 7 November 2019 - Subsea 7 S.A. (the Group) (Oslo Børs: SUBC, ADR:

SUBCY, ISIN: LU0075646355) announced today results for the third quarter which

ended 30 September 2019.

Third Quarter highlights

?Adjusted EBITDA of $181 million and margin of 19% reflected good progress on

certain projects but lower activity in Renewables and Heavy Lifting

?Order intake totalled $1.4 billion with six awards announced in the quarter;

order backlog increased to $4.9 billion at the quarter end, of which $2.6

billion is booked for execution in 2020

?Solid financial and liquidity position with cash and cash equivalents of $367

million and net debt of $241 million including $368 million related to IFRS 16

lease liabilities at 30 September 2019

?New guidance: 2020 Revenue and Adjusted EBITDA higher than 2019 driven by a

steady increase of activity anticipated in all our end markets

Jean Cahuzac, Chief Executive Officer, said:

'Our capability in early engagement, engineering and integrated services is

gaining traction in a market that continues to recover gradually. Despite the

environment of sustained lower energy prices and disciplined capital investment

by our clients, our order intake has been strong in recent months, with $1.4

billion of new awards and escalations in the third quarter. The tenders and

studies we have engaged in are now converting into FEED and EPIC projects with

creative and cost-effective solutions that utilise new technology and integrated

SPS-SURF collaboration.

Our investments through the cycle, in assets, technology and selective

consolidation have kept us firmly in the top tier. The recent acquisition of

4Subsea with its life of field expertise in integrity management, data and

digital analytics, continues our strategy to lead the way in all our focus

markets.

We are well positioned for our next chapter, supported by recovering oil and gas

markets, growth in offshore wind and with an increasing focus on energy

transition. As some of you may be aware, I will retire at the end of the year. I

have great confidence that Subsea 7 has the right leadership in place to

navigate the risks and grasp the opportunities ahead.'

Conference call details

7 November, 12 O'clock UK time

Conference ID: 13665727#

United Kingdom  0333 300 0804

United States  631 913 1422

Norway   23 50 02 43

International Dial In +44 333 300 0804

For the full version of the release, the results presentation and access to the

webcast of the to confernece call visit www.subsea7.com (http://www.subsea7.com)