Proposed combination between Subsea 7 and Acergy - impact on the Subsea 7 Inc. USD175,000,000 Zero Coupon Convertible Notes due 2017

Subsea 7 Inc. announces that at the expiry of the

applicable notice period, Noteholders representing

USD 131,100,000 par value of the outstanding Notes

had filed their put exercise notice for their Notes

to be redeemed at their accreted principal amount on

29 June 2010.

Notes in the par value of USD 40,500,000 are

currently held by the Issuer. The Issuer intends to

cancel these Notes.

Following such cancellation USD 3,400,000 par value

of Notes will remain outstanding. The Issuer has the

right to call these Notes at any time. In the event

that the Issuer does not exercise its right to call

these Notes prior to the proposed combination with

Acergy SA becoming effective, then at that time it is

likely that a change of control will occur. The

rights of Noteholders upon a Change of Control as set

out in the terms and conditions of the Notes will

only become effective at such time.

For further information contact:

Barry Mahon, Chief Financial Officer

Tel: +44 (0) 1224 526147

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