Subsea 7 awarded contract offshore Brazil

Luxembourg – December 7, 2011

Subsea 7 S.A. (Oslo Børs: SUBC) announced today the award of a SURF contract valued at approximately $200 million from Petróleo Brasileiro S/A (“Petrobras”) on Campos Basin, 80km from the Brazilian coast.

The contract scope includes the management, engineering, procurement and installation of two rigid oil lines of 4.5km x 34”OD at water depths of 70 metres, umbilicals and subsea related equipments. The subsea layout is comprised by an offshore terminal for oil temporary storage and offloading (Transfer and Export Offshore Unit) and two mono-buoys connected to the subsea system (pipeline and equipment) through flexible hoses and umbilicals.

Engineering and project management will commence immediately with offshore operations due to commence in the first half of 2013 utilising a number of Subsea 7’s pipelay and construction vessels.

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.

Subsea 7 press release