1. Investor Presentation Oslo / London February 2007 1

2. Company Profile Financials Key Focus Areas Backlog / Market Subsea Partner of Choice Agenda 2

3. Subsea Partner of Choice Company Profile A company dedicated to global subsea oil and gas infrastructure. Born out of the histories, track records and people of DSND, Halliburton Subsea, Subsea Offshore and Rockwater. Listed on the Oslo Stock Exchange (ticker SUB) since August 2005. Earned revenues of $1.7 billion in 2006. Employs more than 4,300 people* globally. *includes contractors WHO WE ARE 3

4. Subsea Partner of Choice Five words embody the values of Subsea 7 SAFE The Company does not want to see anyone hurt or injured through their efforts for Subsea 7. It’s avoidable, unnecessary and morally unacceptable. CLEAN The Company will minimise the impact of its activities on the environment with the aim of continually improving its environmental performance. SMART Success will come through applying our collective intellect which will entail the development of people through training, innovation in our thinking and the application of new technology. FAIR To sustain our business, people need to want to work together. Treating customers, colleagues and sub-contractors fairly will build trust, which will bring success. ANYWHERE The business is global; our growth will come from understanding the different markets and encouraging localisation. 4 Vision and Values Our Vision We will be the Subsea Partner of Choice in the challenging and exciting global oil and gas industry. We will build our business around a motivated and valued workforce. We will be the recognised leader in safety and quality, delivering exceptional performance with the appropriate technical solutions and creating sustainable value for all our stakeholders.

5. Subsea Partner of Choice Subsea Field Development 5

6. Subsea Partner of Choice What we do in all water depths Subsea Field Development Inspection, Repair & Maintenance Development and Application of Subsea Technology Survey and Positioning I-Tech Drill Rig Operations Veripos 6

7. Subsea Partner of Choice Current Locations 7

8. Subsea Partner of Choice Financial Highlights Pleasing year on year improvement in revenue and profitability… NOTE: FIGURES FOR 2006 ARE UNAUDITED 8

9. Subsea Partner of Choice Profit / (Loss) Before Tax by Region Excluding Discontinued Operations Strong performance in North Sea and West Africa in particular… 9

10. Subsea Partner of Choice EBITDA by Quarter 2005 & 2006 …however quarterly volatility inherent in this business as evidenced in Q4 2006 10

11. Subsea Partner of Choice Subsea 7 Key Focus Areas 11

12. Subsea Partner of Choice New Vessel Investment Seven Oceans Rigid Pipelay and Construction Vessel Seven Seas Flexlay and J-lay Construction Vessel Shell DSV Diving Support Vessel for Shell USC Geo Bergen Normand Seven Shell ROVSV ROV Support Vessel for Shell USC Skandi Seven Owned Chartered *Skandi Seven will replace Geo Bergen in 2008 12

13. Subsea Partner of Choice Q207 Q307Q208Q308Q109 Seven Oceans Seven Seas Shell DSV Geo Bergen * Normand Seven Shell ROVSV Skandi Seven * Q107 Q407 Q108Q408 OWNEDOWNED CHARTEREDCHARTERED Delivery Programme *Skandi Seven will replace Geo Bergen in 2008 New Vessels Entering Fleet 13

14. Subsea Partner of Choice New Assets New campus in Aberdeen will open in summer 2008 New spoolbase in Vigra, Norway will help maximise the regions pipelay potential Acquisition of specialist welding company Petrology will secure a critical supply chain for the future New engineering office opening in Rotterdam March 2007 New London office with 100 staff working on major EPIC contracts 14 Ongoing investment programme on construction and I-Tech ROV fleet

15. 4317 personnel today 2358 offshore and 1959 onshore Increase of over 1000 from 2005 Will recruit >500 new staff in 2007 Recruited over 150 trainees offshore and 75 engineering graduates onshore in 2006 Subsea Partner of Choice Our People 15

16. Subsea Partner of Choice Backlog 2005 Vs 2006 …$4 billion of new contracts won in 2006 16

17. Subsea Partner of Choice Backlog as at 31st December 2006 by Year of Execution 17

18. Subsea Partner of Choice Market Outlook and Summary Overall very pleased with financial performance and progress of the company in 2006 which was underpinned by consistently good project execution and high asset utilisation. Significant investment programme in Vessels, Resources and Onshore Facilities currently underway to enable growth. Current backlog of US$ 3.7 billion (of which US$ 2.2 billion are day rate contracts) provides a solid foundation going forward. Market outlook strong for foreseeable future. Bidding activity remains at a a high level. We continue to be selective in the opportunities we pursue. 18