Subsea 7 — M&A Activity 2010

Sep 22, 2010

Subsea 7 Inc. announces date of Court Meeting and Extraordinary General Meeting to approve Combination with Acergy S.A.

Subsea 7 Inc (OSE Symbol: SUB), one of the world's

leading subsea engineering and construction

companies, today announced the date of the Court

Meeting and Extraordinary General Meeting (EGM) that

are being convened, in connection with a Scheme of

Arrangement process under Cayman Islands law, to

approve the Combination of the business of Subsea 7

Inc. with Acergy S.A.

The Notices and supporting materials can be found on

Subsea 7's website:

[http://www.subsea7.com/combination.php]

The Court Meeting and EGM of shareholders will be

held on Tuesday November 9, 2010 at the offices of

Maples and Calder, Ugland House, South Church Street,

Grand Cayman, Cayman Islands at 2.00pm. and 2.30pm.

Cayman Islands time respectively. All shareholders

of record as of 8.00am Oslo time on Tuesday November

9, 2010 will be entitled to vote.

The purpose of the Court Meeting is to approve the

Scheme of Arrangement in order to give effect to the

Combination.

The purpose of the EGM is to approve certain

resolutions that will facilitate the implementation

of the Scheme of Arrangement and the Combination.

The notices of the Court Meeting and EGM, including

the Circular, will be distributed to all eligible

shareholders no later than Thursday September 30,

2010. The deadline for submission of proxy forms is

24hrs before the meeting (i.e by 8.30pm Oslo time on

Monday November 8 2010) alternatively shareholders

can attend in person or hand their proxy forms to the

Chairman at the Court Meeting or subsequent EGM.

Ends

September 22, 2010

For further information contact:

Barry Mahon, Chief Financial Officer Tel: +44 (0)

1224 526147

Subsea 7 Corporate Communications:

Jackie Doyle, Tel +44 (0) 7880 700044

jackie.doyle@subsea7.com