Subsea 7 — M&A Activity 2010

Dec 22, 2010

ACERGY S.A. AND SUBSEA 7 INC. COMBINATION - OFT CONSIDERS PROPOSED UNDERTAKINGS

On September 23, 2010, Acergy S.A. and Subsea 7 Inc.

(Oslo Stock Exchange: SUB) submitted a notification

to the UK Office of Fair Trading (OFT) regarding the

parties proposed merger.

The OFT announced on December 21, 2010 that it is

considering undertakings from the parties in lieu of

referring the proposed merger to the UK Competition

Commission. The OFT is considering the following

undertakings offered by the parties: the divestiture

of one pipelay vessel and potentially one diving

vessel.

The OFT's announcement follows prior unconditional

clearances received from the relevant authorities in

the US, Norway and Australia.

The parties have yet to review the details of today's

decision by the OFT and will issue a further

statement in due course. The parties continue to

expect to close the transaction as scheduled in

January 2011, subject to remaining closing conditions.

Information on this decision can be found on the

OFT's website at: www.oft.gov.uk

22 December 2010

For further information, contact:

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

1224 526147.

Subsea 7 Corporate Communications:

Jackie Doyle, Head of Communications, Tel +44 (0)

7880-700044.

Notes to editor:

Subsea 7 Inc. is one of the world's leading subsea

engineering and construction companies offering all

the expertise and assets that make subsea umbilical,

riser and flowline (SURF) field development possible.

2. With a multi-national workforce in excess of 5,500

people worldwide, the Company's global offshore

operations are supported out of Africa, Asia Pacific,

Brazil, North America and the North Sea. Subsea 7

has a fleet of industry leading, dynamically-

positioned ships capable of reeled and flexible

pipelay, subsea construction and saturation diving

and a portfolio of pipeline construction yards

worldwide. (www.subsea7.com)