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Subsea 7 Inc. Investor Presentation Mel Fitzgerald, Chief Executive Officer, Subsea 7 Barry Mahon,

Subsea 7 Inc. Investor Presentation Mel Fitzgerald, Chief Executive Officer, Subsea 7 Barry Mahon, Chief Financial Officer, Subsea 7 February 7 th and 8 th , 2008. Company Background 4 th Quarter Results Key Focus Areas Market Outlook Closing Remarks Questions and Answers. Agenda.

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Subsea 7 Inc. Investor Presentation Mel Fitzgerald, Chief Executive Officer, Subsea 7 Barry Mahon,

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  1. Subsea 7 Inc. Investor Presentation Mel Fitzgerald, Chief Executive Officer, Subsea 7 Barry Mahon, Chief Financial Officer, Subsea 7 February 7th and 8th, 2008

  2. Company Background 4th Quarter Results Key Focus Areas Market Outlook Closing Remarks Questions and Answers Agenda

  3. Who We Are • A company dedicated to pure play SURF (Subsea, Umbilicals, Risers and Flowlines) engineering and construction in the global oil and gas sector. • Established in 2002 from the merger of Halliburton Subsea and DSND. • Listed on the Oslo Stock Exchange (ticker SUB) since August 2005. • Market capitalisation $3 billion*. • Earned revenues of $2.19 billion in 2007. • Employ in excess of 5,000 people globally. • Backlog at 31 December 2007 $4.2 billion • * at 5th February 2008

  4. Revenue Net Income Financial Performance 2004 – 2007 (USDm) 2,400.0 220.0 31% 2189 214 2,200.0 200.0 55% 2,000.0 180.0 30% 1,800.0 160.0 1670 138 140.0 1,600.0 120.0 206% 1,400.0 58% 1287 100.0 1,200.0 80.0 1,000.0 819 60.0 45 800.0 40.0 250% 600.0 20.0 400.0 0.0 200.0 (20.0) (30) 0.0 (40.0) 2004 2005 2006 2007

  5. 4th Quarter Highlights 2007 • Operational activity high and project performance particularly strong in Africa. • Successful completion of the Petro SA and Agbami projects and significant progress made on the Saxi Batuque project. • Seven Oceans successfully completed her first pipelay • campaign on the Blind Faith project for Chevron in the • Gulf of Mexico and the deepwater scope of the PDEG • pipelay project in Brazil. • Backlog maintained at $4.2 billion – BP awarded • contracts valued in excess of $265 million for the • Skarv and Idun fields in the North Sea.

  6. 2007 2006 2007 2006 Operational Performance by Region - North Sea (USDm) • Strong overall performance during the quarter. • Successful completion of the ConocoPhillips Kelvin, Talisman Galley and Asgard J101 projects. Quarter Ended 31 December Year Ended 31 December 223 240 1200 1025 177 200 1000 761 800 160 $M 600 $M 120 400 80 229 33 140 200 40 5 0 0 Revenue Profit Before Tax Revenue Revenue Profit Before Tax Profit Before Tax

  7. 2007 2006 2007 2006 Operational Performance by Region – Africa (USDm) • Strong operational and commercial performance in the quarter • The offshore construction phase of the Saxi Batuque project progressed well and the Petro SA and Agbami projects were successfully completed. Quarter Ended 31 December Year Ended 31 December 600 240 514 204 500 200 377 400 160 $M $M 300 $M 120 61 200 80 42 75 73 100 40 5 0 0 Revenue Profit Before Tax Revenue Profit Before Tax

  8. 2007 2006 2007 2006 Operational Performance by Region – Brazil (USDm) • The Seven Oceans completed the deepwater scope of the PDEG project and commenced pipelay and installation work on the Hybrid Steel project. • The Normand Seven was commissioned and commenced offshore operations on the Roncador project. • A loss in respect of PDEG project was recognised in the quarter. Quarter Ended 31 December Year Ended 31 December 323 107 360 120 300 320 100 280 76 80 240 200 60 $M 160 $M 40 120 80 4 20 (14) (27) (6) 40 0 0 -40 -20

  9. 50 200 40 152 40 32 150 97 30 $M 100 $M 20 30 50 6 19 5 10 0 2007 2006 2007 2006 Operational Performance by Region – Gulf of Mexico (USDm) • The installation phase of Chevron’s Blind Faith project was completed successfully during the quarter with the Seven Oceans. • Work continued on the BP Thunder Horse and Atlantis projects. Quarter Ended 31 December Year Ended 31 December

  10. 40 200 34 167 126 150 30 18 $M 100 $M 20 36 50 10 4 4 14 0 0 2007 2006 2007 2006 Operational Performance by Region – Asia Pacific (USDm) • The BHP Stybarrow project in Australia and the Murphy Kikeh project in Malaysia were completed during the quarter • Activity continued under the Woodside Frame Agreement in Australia. Quarter Ended 31 December Year Ended 31 December

  11. Backlog at 31 December 2007 and by Year of Execution Year of Execution By Contract Type $1,355m $3,748m $4,215m $1,710m $1,017m $647m $814m >200% growth 4000 1600 560 2,389 3000 1200 2,165 2000 800 457 1150 346 1,826 814 1000 400 531 1,583 560 1,009 116 31 Dec 2006 31 Dec 2007 2008 2009 2010 2011 - 2014 31 Dec 2005 Lump Sum Day Rate

  12. Cash Flow Year Ended 31 December, 2007 175 384 600 500 324 400 $M 300 34 168 200 87 100 0 Cash at start Cash Proceeds of Capital Other Cash at 31 of year generated convertible Expenditure December, from bond loans 2007 operations

  13. Key Focus Areas Working towards the Vision of being the Subsea Partner of Choice in the challenging and exciting global oil and gas industry, entails relentless pursuit of value delivery to our customers by focusing on our People and Teamwork, Asset Investment and Project Execution

  14. Skilled and Experienced Global Workforce Asia Pacific 212 Brazil 1123 Gulf of Mexico 206 Norway 638 Africa 90 UK 2746 Total 5015 Resourcing initiatives: - Improving engineering efficiency - Engineering conversion courses - Open new engineering offices - Recruitment from non-traditional resource areas - Local content – training initiatives - Graduate & technician recruitment

  15. Investment in Assets and Equipment $1 bn investment in new assets and equipment between 2006 – 2008. 7 new vessels joining the fleet - increase our capacity and capability, in particular to service deep and ultra deepwater water markets. A rejuvenated fleet that will increase by 50% from 14-21 vessels.

  16. Vessel Owned Vessel Chartered New Vessels Entering Fleet Delivery Programme 2007 2008 2009 Seven Oceans Seven Seas Seven Atlantic Seven Sisters Normand Seven Skandi Seven Skandi Bergen Normand Subsea 7

  17. Seven Oceans – Reeled Pipelay Vessel – July 2007

  18. Normand Seven – Pipelay & Construction Vessel – July 2007

  19. Investment in Project Execution • Robustness and consistency of bids – the Gateway team has been created. • Dealing with the technical challenges of projects - 13 global Centres of Excellence created. • Security of supply – 17 Critical Supply Networks created to safeguard key areas of our supply chain. • Execution and efficiencies of complex pipelay operations - Vessel Support Teams created. • Knowledge sharing is vital - Knowledge Management is an integral part of our business. Business improvement initiatives: improving our reliability and ability to get it right

  20. Chevron - Blind Faith, Gulf of Mexico • Project Overview • Engineering, procurement, fabrication, transportation & installation. • 2 x Rigid flowlines (7km) • 2 x Steel Catenary Risers (2.6km) • Seven Oceans’ first pipelay job.  • New PLET handling system • First deepwater Steel Catenary Riser for Subsea 7 • Assets: Leith Spoolbase, Scotland • Water Depth: 1980 -2100m • Offshore Duration: Oct 2007 - Nov 2007

  21. Esso Exploration Angola - Saxi Batuque, Angola • Project Overview • Engineering, design, procurement, fabrication and installation • 16 Flowlines (50km) • 32 FLETs • 14 heavy suction piles • Luanda Spoolbase – 100% local content • Challenging pipe and weld design • Assets: Luanda Spoolbase, Skandi Navica, Seisranger • Water Depth: 650-810m • Offshore Duration: Sept 2007 – Jan 2008

  22. Shell - Integrated Subsea Services, North Sea • Project Overview • Construction, repair, inspection and maintenance • Shell’s European subsea oil and gas infrastructure • Construction & IRM • Umbilical installation • Pipeline installation • ROV & Diving support • Well servicing • Assets: - Newbuilds: Seven Atlantic (DSV), Seven Sisters (Pipelay & Construction), Normand Subsea 7 (ROVSV) • Water depth: 500m • Project Duration: 2008 - 2014

  23. Subsea Tree Installation Forecast 800 700 600 500 400 300 200 100 0 2006 2007e 2008e 2009e 2010e 2011e Source: Quest Market Outlook • Strong forecasts for key SURF indicators: • Subsea tree installation • Deepwater production • Leading indicators, such as deep water drilling activity, also • point to continuing strong SURF demand.

  24. Medium-term SURF Market Demand: Annual Average Capex 2008-2012 S7’s Target Market $16.2bn $5.8bn +45% $11.2bn $4.4bn $2.6bn $5.3bn $1.0bn <250m Water Depth: $14.3bn 250-1000m Water Depth: $4.3bn $6.4bn 1000m+ Water Depth: $7.0bn Total Water Depth: $25.6bn Source: Infield Systems

  25. Summary • Strong 4th quarter financial performance and satisfactory year end. • $1 bn investment programme in new vessels, equipment and spool bases in key geographical locations, in particular to service the growing deepwater market. • $4.2 bn backlog demonstrates that we have read the market right & invested in the right toolkit. • Key focus on improving efficiency and project execution. • All indications point to strong market in our niche through to 2012.

  26. subsea partner of choice

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