Contractors Unlimited

Award for $160 million Montara Development Project to SapuraAcergy Joint Venture

Subsea 7 Subsea 7 S.A. confirmed today the award of a contract valued at approximately $160 million to SapuraAcergy Sdn Bhd from PTTEP Australasia (Ashmore Cartier) Pty Ltd ("PTTEPAA") for the development of the Montara Development Project located in the southern Timor Sea approximately 690km West of Darwin.

SapuraAcergy's scope under the contract involves the engineering, procurement, load out, transportation and construction activities for the removal and disposal of the existing topside and the transportation and installation of new pipelines, risers, umbilicals, spools, manifolds, FPSO mooring systems and a new replacement topside, all of which to be undertaken at PTTEPAA's Montara Development Project in water depths of approximately 80 metres.

Engineering and project preparations will commence immediately. Offshore installation is scheduled to be executed during 2011 using the Sapura 3000, SapuraAcergy's state of the art dynamic positioning heavy lift and pipelay vessel.

This project will be accounted for in the share of results of associates and joint ventures line in the Subsea 7 S.A. accounts. For this reason, the value of this award will not appear in Subsea 7's reported backlog and revenue.

Jean Cahuzac, Subsea 7's Chief Executive Officer, said:

"This award reiterates the recognition of SapuraAcergy's capability and versatility by offering competitive solutions for conventional and deepwater projects within the promising Asia Pacific Region. Building upon recent successes we are confident that our Joint Venture and the Sapura 3000 will perform strongly for our Client.

Published 24/01/2011

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Subsea 7 S.A. (NASDAQ-GS: SUBC; Oslo Børs: SUBC) is a seabed-to-surface engineering, construction and services contractor to the offshore energy industry worldwide. The company provide integrated services, and plan, design and deliver complex projects in harsh and challenging environments.

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