Subsea 7 — M&A Activity 2019

Dec 17, 2019

Subsea 7 awarded contract offshore China

Luxembourg – 17 December 2019 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable11 contract by Offshore Oil Engineering Co. (COOEC), for CNOOC's Lingshui 17-2 Gas Field Development Project - Steel Catenary Risers Installation Services. The field is located in the South China Sea approximately 150km offshore Sanya, Hainan province.

The contract scope includes transportation and installation of five steel catenary risers with diameters ranging from 10″ to 18″. Lingshui 17-2 field water depth ranges from 1450m. Project management and engineering will commence immediately at Subsea 7's offices in Kuala Lumpur, Malaysia, with offshore operations taking place in the first half of 2021.

Christopher Ratajczak, Vice President Asia said: "We recognise the importance of this project to both COOEC and the operator, CNOOC. We are delighted that they have selected Subsea 7 as their partner. It further demonstrates the trust that clients put in our ability to deliver technically challenging projects in deep water."

(1) Subsea 7 defines a sizeable contract as being between USD 50 million and USD 150 million.

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Contact for investment community enquiries: Isabel Green Investor Relations Director Tel +44 20 8210 5568

isabel.green@subsea7.com www.subsea7.com

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