Subsea 7 — Major Shareholding Notification 2023

Jun 30, 2023

Disclosure of large shareholding – Subsea 7 S.A.

Disclosure of large shareholding – Subsea 7 S.A.

On 29 June 2023 Elliott International L.P. and Elliott Associates L.P. purchased 92,464 shares and 43,512 shares, respectively, in Subsea 7 S.A. ("Subsea 7").

Both Elliott International L.P. and Elliott Associates L.P. are funds managed and advised by Elliott Investment Management L.P., a registered investment adviser with the U.S. Securities and Exchange Commission. The general partner of Elliott Investment Management L.P. is Elliott Investment Management GP LLC. Paul E. Singer is the sole managing member of Elliott Investment Management GP LLC.

Following the share purchase, funds managed and advised by Elliott Investment Management L.P. have the following ownership interest in Subsea 7:

• Elliott International L.P. holds (i) 9,238,373 shares in Subsea 7, which represents approx. 3.036% of Subsea 7’s share capital and votes, and (ii) cash settled equity swaps equivalent to 11,531,758 shares in Subsea 7, which represents approx. 3.790% of Subsea 7’s share capital.

• Elliott Associates L.P. holds (i) 4,593,247 shares in Subsea 7, which represents approx. 1.509% of Subsea 7’s share capital and votes, and (ii) cash settled equity swaps equivalent to 5,180,935 shares in Subsea 7, which represents approx. 1.703% of Subsea 7’s share capital.

As a result of this, if voting rights are attributed to the cash settled equity swaps, the total aggregate ownership interest of both Elliott International L.P. and Elliott Associates L.P. is 30,544,313 shares in Subsea 7, which represents approx. 10.038% of Subsea 7’s share capital and votes (and thus exceeding the 10% disclosure threshold).

This disclosure is made pursuant to section 4-2, cf. section 4-3, of the Norwegian Securities Trading Act.