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Subsea 7 Announces Major Contract with Santos Limited

25 September 2009

Subsea 7 Inc, one of the world's leading subsea engineering and construction companies, announced today that it has been awarded a major subsea pipeline and installation services contract from Santos Limited at the Casino-Henry field, offshore Victoria, Australia. The contract is valued in excess of US $80m.

The Subsea 7 work scope includes installation of a 22km long 12 inch rigid pipeline to connect the subsea production trees at the Henry-2 and Netherby locations, together with 4 rigid spool pieces and also the installation of a 22km long electro-hydraulic umbilical from Casino-4 to Pecten East locations. Project management and engineering work will commence immediately and will be performed at Subsea 7's offices in Singapore.

Offshore operations are scheduled to commence at the end of 2009 and will see the arrival of the Seven Navica, one of Subsea 7's fleet of global deepwater pipelay and construction vessels to the Asia Pacific region. The project will also be supported by the Rockwater 2 diving support vessel which has been operating long-term in the region on major projects such as Kikeh (Malaysia) and Stybarrow (Australia).

Steve Wisely, Vice-President of Operations Asia Pacific stated, I am delighted that Santos has chosen Subsea 7 to perform this significant project which highlights our capabilities in the installation of subsea pipelines, umbilicals and associated subsea construction services. The award allows Subsea 7 to build upon its established track record of successful project execution in the region and further strengthens our relationship with Santos. We very much look forward to bringing the Casino-Henry field onstream in a safe and timely manner.

The Casino-Henry field is located in the Otway Basin, in water depths of 56m to 72m, 30km south of Port Campbell, Victoria. The Casino-Henry fields are operated by Santos Limited on behalf of a joint venture it has with Australian Worldwide Exploration Pty Ltd and Mitsui E&P Australia Pty Ltd.