Subsea 7 Announces Call-off Contract

16 June 2011

Subsea 7 has been awarded a call-off contract under the offshore engineering and construction Frame Agreement with DONG Energy for the Siri Caisson Permanent Support Project. The value of the contract is approximately US$220 million.

The scope involves the engineering, procurement, fabrication and all associated construction and commissioning activities in relation to the Siri Caisson Permanent Support Project. This project involves the permanent support of the Siri platform via installation of cable stays between the platform legs and the permanent securing of the caisson through the installation of a support structure connected to the wellhead caisson.

Engineering will commence immediately, with offshore operations schedule to commence in the second half of 2011 and 2012 using Seven Havila and Skandi Acergy.