Subsea 7 Releases Second Quarter and Half Year 2011 Results (UK)

Subsea 7 S.A. (formerly Acergy S.A.) announced today results for the second quarter and first half 2011 which ended on June 30, 2011. The combination between Acergy S.A. and Subsea 7 Inc. completed on January 7, 2011.

Upon completion, Acergy S.A. was renamed Subsea 7 S.A. As a result of the combination and the change in fiscal year, the first half 2011 results incorporate the seven-month period from December 1, 2010 to June 30, 2011 for Subsea 7 S.A. and the results of Subsea 7 Inc. following the date of combination. Unless otherwise stated, the comparative period is the three and six months ended May 31, 2010 for Acergy S.A.

Second Quarter 2011:

• Strong financial performance reflects increased activity levels, improved vessel utilisation and strong operational performance on large projects in their offshore phase.

• Improvement in the North Sea, although still impacted by margin pressure on contracts awarded in 2010.

• Strong order intake resulting in backlog as at June 30, 2011 of $7.9 billion.

• Contracts exceeding $500 million announced post quarter end, including two contracts on the Gorgon Development, offshore Australia.

Jean Cahuzac, Chief Executive Officer, said:

“We have delivered a strong quarter. These results have been driven by good operational performance on large projects which were offshore in the period and optimised vessel utilisation. While successfully integrating the Group, we remain focused on operational excellence and delivering our projects in a safe and timely manner. Merger integration is on track and I remain confident with our progress toward the targeted synergies. I am also very pleased with our backlog and order intake, which has achieved previous cycle peak levels. This underpins our good momentum and we remain comfortable with the outlook for the financial year.”

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Source: Subsea 7, August 10, 2011;