t o t a l s u b s e a s o l u t i o n s AB-X-PR Subsea 7 Inc. Results for First Quarter April

t o t a l s u b s e a s o l u t i o n s AB-X-PR Highlights Q Successful completion of Woodside Chinguetti project in West Africa and BP Thunderhorse in Gulf of Mexico Order for new flexlay/J-lay and construction vessel placed Activity levels high in all regions Tendering activity strong Satisfactory financial result for Q

t o t a l s u b s e a s o l u t i o n s AB-X-PR BP Thunderhorse (Fabrication & Installation) Workscope 50km of umbilicals Fabrication & installation of 30 rigid jumpers 9 intermediate SLEDs 50 steel flying leads 69 electrical flying leads 320 concrete mattresses Highlights Successfully met the expectations of BP on one of its key worldwide projects All hardware installed successfully, safely and on time 30 month project duration (completed March 2006) 17 month offshore duration (480 vessel days) 1.3 million man hours The Thunderhorse field is located in 2,200m of water, offshore Louisiana, USA. Subsea 7 was contacted by BP in 2003 to install umbilicals, jumpers and flying leads on its deepest development to date. 3

t o t a l s u b s e a s o l u t i o n s AB-X-PR The Chinguetti field is located in 800 metres of water, offshore Mauritania. Subsea 7 was contracted in July 2004 for the design, supply and installation of flexible flowlines, risers and umbilicals. Chinguetti Project (Design, Procure & Install) Workscope 45km of flexible flowlines 28km of umbilicals 6 risers Delivered on 33 reels 3 manifolds (70t each) 1overtrawlable structure 40km of flexible/umbilicals trenched Highlights Project completed on schedule to meet client’s planned 1 st oil Feb month duration 5 month offshore 800,000 man hours 4

t o t a l s u b s e a s o l u t i o n s AB-X-PR New Flexlay and J-lay Vessel Length overall153.24m Breadth28.4m Depth to main deck12.5m Draught design7.5m Service speed13 knots Accommodation120 persons Construction Capabilities Water depth:Down to maximum 3000m Flexible pipe:Vertical lay system up to 24” diameter and 400t top tension Under deck storage:2 x 1250t carousels Deck storage:3000t carousel or 8-10 reels (not simultaneous) Rigid pipe:J-lay system up to 15° off vertical; double joints; twin work stations; 400t top tension Riser systems:J-lay system with up to 700t lift capability for riser tower deployment ROVs:Twin work class 3000m ROV built in Main crane:400t heave compensated offshore mast crane (400t harbour/350t offshore) PLETs:60t handling system Principal Particulars 5

t o t a l s u b s e a s o l u t i o n s AB-X-PR Breakdown of Backlog Q1 2005, Q & Q Note : Backlog excludes letters of intent totalling $200m as at 31 December 2005 and $150m as at 31 March

t o t a l s u b s e a s o l u t i o n s AB-X-PR Market Outlook Forecast for 2007/2008 indicates growth on 2006 Activity levels strong in all regions Bid levels high:- Subsea 7 live tenders awaiting outcome circa USD 1.7 billion - anticipated tenders in next 3/5 months >USD 5 billion ROV utilisation in drill rig support sector growing 7

t o t a l s u b s e a s o l u t i o n s AB-X-PR Income Statement – Subsea 7 Inc. Accounts prepared in accordance with IFRS 8

t o t a l s u b s e a s o l u t i o n s AB-X-PR Balance Sheet – Subsea 7 Inc. Accounts Prepared in Accordance with IFRS 9

t o t a l s u b s e a s o l u t i o n s AB-X-PR Net Interest Bearing Debt - Subsea 7 Inc. Accounts prepared in accordance with IFRS 10