Subsea 7 S.A. disclosure of large shareholdings

Luxembourg - January 10, 2011 - Subsea 7 S.A.

(the "Company") (NASDAQ-GS: SUBC; Oslo Børs: SUBC)

announces that that pursuant to the Luxembourg law of

January 11, 2008 on transparency requirements the

Company has received today the following

notifications in respect of disclosure of large

shareholdings.

Name Number Percentage of

of shareholder of shares owned voting rights

Siem Industries Inc. 69,681,9321 19.8%

Folketrygdfondet 32,289,7622 9.2%

(1) 65,429,045 shares published prior to market

opening on January 10, 2011 represented the number of

shares beneficially owned by Siem Industries Inc. in

Subsea 7 Inc. at close on January 7, 2011.

69,681,932 shares represent Siem Industries Inc.'s

beneficial shareholding in Subsea 7 S.A. post

completion based on a conversion rate of 1.065.

(2) 32,289,762 shares owned as per beneficial owner

notification to the Company and Oslo Børs on January

10, 2011.

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Subsea 7 S.A. is a seabed-to-surface engineering,

construction and services contractor to the offshore

energy industry worldwide. We provide integrated

services, and we plan, design and deliver complex

projects in harsh and challenging environments.

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Contact:

Karen Menzel

Subsea 7 S.A.

+44 (0)20 8210 5568

www.subsea7.com

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