Subsea 7 S.A. awarded $240 million contract extensions offshore UK

Luxembourg –2 March 2015 - Subsea 7 S.A. (Oslo Børs: SUBC; the Company) today announced it has been awarded a two-year extension to two Underwater Services Contracts (USCs) by Shell Upstream International Europe, worth approximately US$240 million.

Under these Life of Field contract extensions for Diving Support Vessel (DSV) and Remotely Operated Vehicle Support Vessel (ROVSV) services, both of which will commence in 2016, Subsea 7 will continue to provide subsea construction, inspection, repair, maintenance and decommissioning services to Shell’s UK offshore fields and facilities.

The DSV contract will be delivered on a 24 hour, year-round basis through to the third quarter 2018.

The ROVSV contract will cover a minimum of 100 vessel days per year and continue through to the second quarter of 2018. Subsea 7’s North Sea fleet, including the Seven Atlantic for the DSV workscope, will undertake the work under the USCs.

Associated project management and engineering support for the USCs will be executed from Shell’s and Subsea 7’s offices in Aberdeen.

Phil Simons, Subsea 7 Vice President UK and Canada, said: "We are proud to have received these contract extensions. An award of this importance recognises our strong track record in providing Life of Field expertise and high quality vessels and safe and efficient operations to Shell since our support of their subsea operations began in 1984."

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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.

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