Subsea 7 — M&A Activity 2014

May 1, 2014

Subsea 7 S.A. awarded $160 million contract in Gulf of Mexico

Subsea 7 S.A. awarded $160 million contract in Gulf of Mexico

Luxembourg - 1 May 2014 - Subsea 7 S.A. (Oslo Børs:

SUBC) today announced the award of a three-year

US$160 million contract extension by BP Exploration &

Production Inc. for light subsea construction,

inspection, repair and maintenance services in the US

Gulf of Mexico.

The contract will run from the second quarter 2014 to

the third quarter 2017. The scope covers the

provision of two vessels, including a dedicated

vessel on a full-time basis, associated project

management and engineering support, ROV-based

inspection and intervention, and light construction

work.

One of the vessels to be utilised in the contract is

a new-build offshore subsea construction vessel while

the other is a light construction vessel. Both

vessels will be chartered on a long-term basis.

John Evans, Subsea 7's Chief Operating Officer,

said: "We are very pleased to have been awarded this

important contract extension and to be able to

continue growing our valued relationship with BP.

This award highlights our proven track record for

safely delivering successful Life-of-Field

operations."