Subsea 7 — M&A Activity 2018

Apr 10, 2018

Subsea 7 awarded contract offshore Nigeria

Luxembourg – 10 April 2018 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a substantial(1) contract by Mobil Producing Nigeria Unlimited (MPN) for the Production Uplift Pipeline Projects (PUPP) in shallow water, offshore Nigeria.

The contract scope includes engineering, construction, transportation, installation and precommissioning of 20 kilometres of 24" Corrosion Resistant Alloy (CRA) pipeline between the Idoho Platform and the terminal onshore and of 2 kilometres of 24" CRA pipeline between the Edop and Idoho Platforms, as well as associated topside modifications and tie-ins at both ends.

Engineering and procurement will start immediately at NigerStar 7's(2) offices in Lagos, while offshore operations will take place from Q3 2018 to Q1 2019, using the Subsea 7 vessel, Seven Antares.

Subsea 7's Regional Vice President for Africa, Gilles Lafaye, said: "Subsea 7 has a long track record of successful operations in Nigeria, enabled by our local joint venture, NigerStar 7. This award reflects our strong reputation for successful Conventional project execution in the region and offers us a further opportunity to support the continued development of the country's oil and gas industry."

• (1) Subsea 7 defines a substantial contract as being between USD 150 million and USD 300 million.
• (2) NigerStar 7 is a non-wholly owned subsidiary of Subsea 7.
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Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. We provide technical solutions to enable the delivery of complex projects in all water depths and challenging environments. Subsea 7 is listed on the Oslo Bors (SUBC), ISIN LU0075646355. *******************************************************************************

Contact for investment community enquiries:

Isabel Green Investor Relations Director Tel +44 (0)20 8210 5568 isabel.green@subsea7.com www.subsea7.com

Forward-Looking Statements: Certain statements made in this announcement may include 'forward-looking statements'. These statements may be identified by the use of words like 'anticipate', 'believe', 'could', 'estimate', 'expect', 'forecast', 'intend', 'may', 'might', 'plan', 'predict', 'project', 'scheduled', 'seek', 'should', 'will', and similar expressions. The forward-looking statements reflect our current views and are subject to risks, uncertainties and assumptions. The principal risks and uncertainties which could impact the Group and the factors which could affect the actual results are described but not limited to those in the 'Risk Management' section in the Group's Annual Report and Consolidated Financial Statements 2017. These factors, and others which are discussed in our public announcements, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: actions by regulatory authorities or other third parties; our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties inherent in operating internationally; the timely delivery of vessels on order; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Other unknown or unpredictable factors could also have material adverse effects on our future results. Given these factors, you should not place undue reliance on the forwardlooking statements.