Subsea 7 S.A. announces an update to the terms of its $200 million share repurchase programme

19 Apr 2023 20:25 CEST

Luxembourg - 19 April 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) (the
Company) today announced that on 19 April 2023, the Board of Directors
authorised a 24-month extension to the Group's $200 million share repurchase
programme, originally announced on 25 July 2019, and extended on 15 April 2021.
The repurchased shares will be held in treasury and will be used to fulfil
obligations under Subsea7's employee share-based payment schemes or to meet
obligations arising from debt financial instruments that are exchangeable into
equity instruments (which the Company may issue in the future) or cancelled. The
additional extension will expire on 18 April 2025.

The terms of the share repurchase programme have been updated in accordance with
the authority granted to the Board of Directors at the Extraordinary General
Meeting of shareholders held on 18 April 2023 (the EGM) to repurchase shares on
or before 18 April 2025 and to cancel shares repurchased on or before 18 October
2025.

The share repurchase program was originally authorised on 25 July 2019 in
accordance with the authority granted to the Board of Directors at the
Extraordinary General Meeting of the Company on 17 April 2019 and subsequently
extended in accordance with the authority granted to the Board of Directors at
the Extraordinary General Meeting of the Company on 14 April 2021 to repurchase
shares on or before 14 April 2023 and to cancel shares repurchased on or before
14 October 2023 (the 2021 Authorisation).

At the EGM shareholders approved a resolution granting authority to the Board of
Directors to repurchase Company shares and to cancel shares repurchased under
such authorisation (the 2023 Authorisation). Accordingly, the authorisation to
repurchase shares under the 2021 Authorisation has been replaced by the 2023
Authorisation without prejudice to the authorisation to cancel shares granted
under the 2021 Authorisation which shall remain in full force and effect.

The 2023 Authorisation authorises the Board of Directors to cancel shares
repurchased under the 2023 Authorisation on or before 18 October 2025 and to
reduce the issued share capital of the Company accordingly. Under the 2023
Authorisation, the Company or any direct or indirect wholly-owned subsidiary of
the Company will be authorised to purchase shares subject to a) the maximum
price to be paid for such shares not exceeding 125% of the average closing price
for such shares on the Oslo Børs for the five most recent trading days prior to
such purchase and b) the minimum price to be paid for such shares shall not be
less than the par value (i.e. $2.00 per share) thereof and for a volume not
exceeding thirty million (30,000,000) shares and further provided such purchases
are in conformity with Article 430-15 of the Luxembourg Company Law. The issued
share capital on 18 April 2023 was 302,858,466. The 2023 Authorisation will
apply to shares repurchased after 20 April 2023 under the current share
repurchase programme.

The other terms of the current share repurchase programme remain unchanged.

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Subsea7 is a global leader in the delivery of offshore projects and services for
the evolving energy industry. We create sustainable value by being the
industry's partner and employer of choice in delivering the efficient offshore
solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 (0)20 8210 5568
ir@subsea7.com (mailto:ir@subsea7.com)

More information:
Access the news on Oslo Bors NewsWeb site

587986_SUBC Share buyback update.pdf