1. Rev 1

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

3. Agenda Company Background 4th Quarter Results Key Focus Areas
Market Outlook
Closing Remarks
Questions and Answers
Agenda
Rev 1

4. Established in 2002 from the merger of Halliburton Subsea and DSND.
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

5. Financial Performance 2004 – 2007 (USDm)
2,400.0
31%
220.0
2189
214
2,200.0
200.0
55%
2,000.0
180.0
30%
1,800.0
1670
160.0
138
1,600.0
140.0
120.0
1,400.0
1287
58%
206%
100.0
1,200.0
80.0
1,000.0
819
60.0
800.0 45
40.0
600.0
250%
20.0
400.0
0.0
Historically revenue has increased year on year since 2003 when it was just over $700m to last year almost $1.7bn
Net income for the same period has improved from a negative $37.5m in 2003 to a positive $138m in 2006
200.0
(30)
(20.0)
0.0
(40.0)
2004
2005
2006
2007
Revenue Net Income
Rev 1

6. 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.

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

8. Operational Performance by Region – Africa (USDm)
Quarter Ended 31 December
Year Ended 31 December
240
600
204
514
200
500
377
160
400 $M
120 $M $M
300 80 61
200 42 75 73 40
100 5
Revenue
Profit Before Tax
Revenue
Profit Before Tax
2007
2006
2007
2006
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.

9. Operational Performance by Region – Brazil (USDm)
Quarter Ended 31 December
Year Ended 31 December
120
107
360
323
300
320
100 76
280 80
240
200 60 $M $M
160 40
120 20 4 80
(14) 40
(27)
(6)
-20
-40
2007
2006
2007
2006
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.

10. Operational Performance by Region – Gulf of Mexico (USDm)
Quarter Ended 31 December
Year Ended 31 December 40 32 5 6 10 20 30 50 $M
152 97 19
100
150
200
2007
2006
2007
2006
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.

11. Operational Performance by Region – Asia Pacific (USDm)
Quarter Ended 31 December
Year Ended 31 December 18 34 4 10 20 30 40 $M
167
126 36 14 50
100
150
200
2007
2006
2007
2006
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.

12. >200% growth Backlog at 31 December 2007 and by Year of Execution
By Contract Type
Year of Execution
$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
We have seen our backlog grow by more than 200% in the last two years from $1.3bn in 2005 to our latest position of $3.9bn as at June 30th.
$2.1bn of this backlog is day rate; to be worked off between now and This gives us a very solid platform going forward. However on an annual basis we anticipate that the proportion of lump sum to day rate work executed by us will typically have a ratio of 70:30.
1,826
1000
400
814
531
1,583
560
1,009
116
31 Dec 2005
31 Dec 2006
31 Dec 2007
2008
2009
2010
Lump Sum
Day Rate
Rev 1

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

14. 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

15. 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
Today we have in excess of 5,000 personnel spread across all parts of the business.
I should point out that more than half of the workforce classified as the UK work on our vessels globally.
But as I said earlier one of the biggest challenges our industry faces is the lack of skilled and experienced engineering and project management and operational people.
Within Subsea 7 we have a number of resourcing initiatives in place to address this issue:
We are improving our engineering efficiency internally through new ways of working and developing a robust Knowledge Management culture
We run Subsea engineering conversion courses for experienced engineers from non Subsea backgrounds. This is proving to be a very successful source of new talent.
We have opened up new offices in London and Rotterdam to tap into fresh sources of experienced Subsea engineers.
We are also recruiting from other areas such as India, Eastern Europe and Venezuela.
In many of our projects we are working closely with the local community to train local people in skills such as welding and fabrication
And Subsea 7 has its Graduate & Technician recruitment programmes which last year saw 150 new trainees go offshore and 75 graduate trainees onshore
Rev 1

16. 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 vessels.

17. New Vessels Entering Fleet
Delivery Programme
2007
2008
2009
Seven
Oceans
Seven
Seas
Seven
Atlantic
Seven
Sisters
Normand
Seven
Skandi
Seven
Skandi
Bergen
But committing to building new vessels is one thing.
Being able to bring them into service is another.
I am pleased to say that we have already taken delivery of three of our new vessels, the Seven Oceans, the Skandi Bergen and the Normand Seven and the remainder are on track to be delivered on schedule.
Normand
Subsea 7
Vessel Owned
Vessel Chartered
Rev 1

18. Seven Oceans – Reeled Pipelay Vessel – July 2007

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

20. Investment in Project Execution
Business improvement initiatives: improving our reliability and ability to get it right
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.
Bids are bigger and technically very challenging – a permanent Gateway bid team has been created which pools our best technical/commercial knowledge for early selection and bidding of projects valued in excess of $100m.
This will give us better controls and consistency over our bid process and reduce the risk associated with EPIC projects.
The scale, technical challenges and attendant risks of future projects requires better planning and execution. The creation of 13 global engineering Centres of Excellence will support bid and project teams.
On major EPIC projects up to 60% of our costs are with 3rd party suppliers and subcontractors – delivery on time, within budget and to specification is key.
The ability to have good and close working relationships with key suppliers is crucial to creating long term value and safeguarding margins.
To this end we have developed 17 Critical Supply Networks to safeguard key areas of our supply chain.
Due to the ever increasing complexity and specialisation of our principal pipelay and construction assets we have centralised the knowledge and expertise for key specialist vessels in Vessel Support Teams to provide more robust and consistent project execution.
1/3 of our staff new to Subsea 7 in the last year – knowledge sharing is vital. Knowledge Management is now recognised as a key function in the global organisation.
Implementing these initiatives in a very busy market is particularly difficult and requires a huge amount of effort from everyone in the Company.
Rev 1

21. 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: m
Offshore Duration: Oct Nov 2007

22. 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: m
Offshore Duration: Sept 2007 – Jan 2008

23. 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:

24. Subsea Tree Installation Forecast
Market Outlook
Subsea Tree Installation Forecast
100
200
300
400
500
600
700
800
2006
2007e
2008e
2009e
2010e
2011e
Source: Quest
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.

25. 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
m Water Depth: $4.3bn
$6.4bn
1000m+ Water Depth : $7.0bn
Total Water Depth : $25.6bn
Source: Infield Systems

26. 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.

27. subsea partner of choice
Rev 1