Subsea 7 Awarded Two Long Term Support Contracts by Shell

Subsea 7 INC. (OSE Symbol: SUB) announced today that it has been awarded two separate contracts by Shell Exploration and Production in Europe, both for a firm period of six years and with a combined value in the region of US $1.1 billion. These contracts, which will both have 4 x 1 year options to renew, will necessitate the design, build and operation of a Remotely Operated Vehicle Support Vessel (ROVSV) and a Diving Support Vessel (DSV). A vessel charter will be entered into for the ROVSV whilst the DSV will be built and owned by Subsea 7. These vessels will be used to carry out a wide range of subsea intervention activities in support of Shell