SapuraAcergy awarded contract offshore Vietnam

Luxembourg - January 10, 2012 - Subsea 7 S.A. (Oslo
Børs: SUBC) announced today that SapuraAcergy Sdn Bhd
("SASB") has been awarded a contract for a subsea
construction project, offshore Vietnam.

The scope of work requires the installation of: 28km
of 12" diameter pipeline, a 28km umbilical, PLETs and
SSIV Structures, spools and pre-commissioning.

The value of the contract awarded is approximately
$100 million, with the offshore work expected to be
performed in mid 2012.

SASB is a joint venture company equally owned by
SapuraCrest Petroleum Berhad and Subsea 7 S.A. This
project will be accounted for in the share of results
of associates and joint ventures line in the Subsea 7
accounts. For this reason, the value of this award
will not appear in Subsea 7's reported backlog and
revenue.

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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.
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Contact:
Karen Menzel
Subsea 7 S.A.
+44 (0)20 8210 5568
karen.menzel@subsea7.com
www.subsea7.com

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