Subsea 7 — M&A Activity 2010

Jun 29, 2010

Proposed combination between Subsea 7 and Acergy - impact on the Subsea 7 Inc. US$300,000,000 2.80 per cent. Convertible Notes due 2011

With reference to the Issuer's announcement on 21

June 2010 regarding the proposed combination between

the Issuer and Acergy S.A., the Issuer would like to

confirm that no Change of Control (as defined in the

terms and conditions of the Notes) has currently

occurred in respect of the Notes.

It is likely that a Change of Control will occur if

and when the combination with Acergy becomes

effective. 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