Subsea 7 — Major Shareholding Notification 2010

Mar 9, 2010

UBS

UBS AG
P.O. Box
8098 Zürich
Tel. +41-44-234 11 11

Global Shareholder Reporting
Legal and Compliance

Fax

March 09, 2010

Nemanja Pantic
Europastrasse 1
CH-8152 Opfikon
Tel. +41-44-239 62 08
Fax +41-44-239 61 22
nemanja-n.pantic@ubs.com

www.ubs.com

to Oslo Bors
Fax: +47 22 41 65 90
cc Subsea 7 Inc.
pages 2 (including this page)

subject Subsea 7 Inc. - Disclosure of large shareholdings under the Securities Trading Act of 2007

Dear Sir or Madam,

We would like to inform you that UBS AG has fallen below the reportable threshold of 5% of the share capital and of the voting rights in Subsea 7 Inc. (KYG8549P1081). Please let this serve you as our disclosure as set forth below:

Name of the person obliged to notify: UBS AG, Zurich and Basel

Residing at: Bahnhofstrasse 45
P.O. Box, CH-8098 Zurich
Aeschenvorstadt 1
P.O. Box, CH-4051 Basel

Date of event: 8 March 2010

Event triggering the notification: Securities lending transaction
(collateral delivered external)

Total disposed shares: 995'627 shares

New holding: 3'509'127 shares representing 2.39 % of the outstanding shares of 147'000'000.

Entities through which holdings are held: UBS AG
UBS Fund Management (Switzerland) AG
UBS Fund Services (Luxembourg) SA
UBS Global Asset Management (Americas) Inc.
UBS Global Asset Management (Australia) Ltd.
UBS Global Asset Management (UK) Limited
UBS Global Asset Management Trust Company

---

UBS

This notification has also been sent to the company.

If you have any questions regarding this disclosure, please contact Nemanja Pantic on +41 44 239 62 08 in Zurich.

Yours faithfully,

UBS AG

Philipp Abelbeck
Executive Director

Nemanja Pantic
Authorised Officer