Investor Presentation

November 2019

1 © Subsea 7 - 2019 subsea7.com Index

What we do Our differentiators Our priorities Our outlook Our financials Appendix

2 © Subsea 7 - 2019 subsea7.com Forward-looking statements

Certain statements made in this presentation may include ‘forward-looking statements’. These statements may be identified by the use of words like ‘anticipate’, ‘believe’, ‘could’, ‘estimate’, ‘expect’, ‘forecast’, ‘intend’, ‘may’, ‘might’, ‘plan’, ‘predict’, ‘project’, ‘scheduled’, ‘seek’, ‘should’, ‘will’, and similar expressions. The forward-looking statements reflect our current views and are subject to risks, uncertainties and assumptions. The principal risks and uncertainties which could impact the Group and the factors which could affect the actual results are described but not limited to those in the ‘Risk Management’ section in the Group’s Annual Report and Consolidated Financial Statements for the year ended 31 December 2018. These factors, and others which are discussed in our public announcements, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: actions by regulatory authorities or other third parties; our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties inherent in operating internationally; the timely delivery of vessels on order; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Other unknown or unpredictable factors could also have material adverse effects on our future results. Given these factors, you should not place undue reliance on the forward-looking statements.

3 © Subsea 7 - 2019 subsea7.com Subsea 7

Our Vision Our Values To lead the way in the delivery of offshore What makes us who we are projects and services for the energy industry. ValuesSafety Our Strategy In an evolving energy sector, we create Integrity sustainable value by being the industry’s partner and employer of choice in delivering Sustainability the efficient offshore solutions the worldSafety needs. Integrity Performance Sustainability Our Stakeholders Performance Collaboration We seek to create sustainable value for Collaborationour clients, our people, our shareholders andInnovation Innovation society in everything we do.

4 © Subsea 7 - 2019 subsea7.com Corporate Responsibility

• We are committed to operating in a safe, ethical and responsible manner

Lost-time incident Clean Operations $3.1m Frequency rate (%) costs 2019 Targets: saved 5,000 - LTI <0.03 (target

3,600 lowered from 0.05 in 3,800 3,300 2018) 0.06 0.06 - Recordable incident 0.05 0.05 frequency rate <0.21 - Environmental spills 2015 2016 2017 2018 2015 2016 2017 2018 frequency rate <25 Frequency rate data is per 200,000 hours worked Clean Operations data is for owned vessels only litres - Environmental incident frequency rate <0.70 Operating in 33 91 Nationalities in 99% completion of (target lowered from countries worldwide our workforce ethics e-learning <0.90 in 2018) - 5% vessel fuel saving through clean UN Global Compact Over 67 community assistance operations signatory events delivered in 2018

5 © Subsea 7 - 2019 subsea7.com Our market segments

Life of Field 2018 Revenue i-Tech 7 is a progressive and $4.1 billion pioneering subsea life of field partner delivering Inspection, Repair and SURF and Conventional Maintenance solutions to offshore Subsea 7 is a global leader in energy developments. offshore energy construction projects, operating in all water depths and conditions.

$0.2bn (6 %) $3.2bn (78%) $0.7bn (16%)

Renewables and Heavy Lifting Seaway 7 is a highly capable and experienced partner for the delivery of offshore wind farm projects, specialist heavy lifting and cable-lay services.

6 © Subsea 7 - 2019 subsea7.com 7 © Subsea 7 - 2019 subsea7.com Recent Operational highlights

Alligin (UK) Burullus 9B (Egypt) Snorre (Norway) PUPP (Nigeria)

To be updated

Mad Dog II (GoM) Formosa 1 ph.2 (Taiwan) Life of Field PLSVs (Brazil)

8 © Subsea 7 - 2019 subsea7.com SURF and Conventional

SURF and Conventional • Subsea Umbilicals, Risers and flowlines (SURF) • Connecting seabed wellhead structures to surface production facilities • Over 20 year track record: safe and efficient execution on over 1,000 projects • Operating in remote and harsh environments with complex challenges and risks

9 © Subsea 7 - 2019 subsea7.com PLSVs in Brazil

PLSVs Use(2) • Pipelay support vessel (PLSV) is a heavy construction vessel with flex-lay Other Maintenance on 1% capability also able to perform various existing flexibles construction activities over the project 14% life cycle

Flexibles • Scope of work in Brazil is a mix of removal installation of new flexibles as well as 4% replacement and maintenance of existing flexibles • All 4 of Subsea 7’s PLSVs are ranked in the top 6 vessels of Petrobras’ fleet for the last 12 months(1) New flexibles in pre-salt region 64% (1) Petrobras updates a rank of all PLSVs in the fleet on a monthly basis New flexibles in post-salt which is based on vessel performance against pre-established targets. region 17% Information provided is from July 2019 report.

(2) Utilisation of Subsea 7 PLSV fleet year to date

10 © Subsea 7 - 2019 subsea7.com Heavy Construction/Flex-lay Fleet

Presently in Brazil Presently outside Brazil Top Top Crane Crane Tension Tension Seven 100t/ Seven 550t 400t 430t Cruzeiro 400t(1) Seas Seven 100t/ Seven 550t 250t 260t Rio 400t(1) Pacific Seven 100t/ Seven 550t 1000t 600t Sun 400t(1) Arctic Seven Normand 125t/ 400t 550t 400t Waves Oceanic 325t Skandi 400t 150t Acergy (2) (1) Capacity of current crane installed is 100t but vessel is built to hold a 400t crane(2) Chartered vessel

11 © Subsea 7 - 2019 subsea7.com Life of Field

• Leading Life of Field partner • Over 165 ROVs and a for clients throughout the oil fleet of ROV support and gas industry vessels • Over 35 year’s experience • Global business with operational bases in the UK, Brazil, the US and Australia

12 © Subsea 7 - 2019 subsea7.com Life of Field: products and services

Life of Field solutions built on core products and services • ROV Intervention • Diving • Survey, Inspection & Data Management • Well simulation & sampling • Tool Management & Engineering Solutions • Pipeline Repair & Tree Installation

Highly skilled and experienced people

Innovative technologies

13 © Subsea 7 - 2019 subsea7.com Life of Field track record

Over 1000 successful Inspection, Over 18,000 intervention tooling Repair and Maintenance projects products designed, delivered and completed managed

Over 300 successful ROV drill rig exploration hydrocarbon sampling missions support worldwide since 1976 using ROVs

Global experience, world-class technology and assets

14 © Subsea 7 - 2019 subsea7.com Renewables and Heavy Lifting

1991 SHL 2016 Beatrice 2018 SOC Joint Venture EPCI awarded acquired by established to Subsea 7 Subsea 7 2018 Comprehensive 2009 First 2013 Subsea 7 balance of plant Renewables increases its 2017 SHL offering: T&I and EPCI Project for focus on acquired by SHL renewables Subsea 7

10 years experience in renewable energy

16%(1) 1000 2 4 forecast for experienced EPCI specialist CAGR in personnel projects offshore renewables complete vessels

15 (1) Source: BloombergNEF, January 2018, © Subsea 7 - 2019 subsea7.com forecast to 2030 worldwide excluding China Subsea 7’s Renewable energy focus

Subsea 7 is typically contracted to carry out, under its Seaway 7 brand: 1. Design, procurement and installation Wind Turbine Subsea 7’s Generators of foundation piles and jackets (SHL) (WTG) scope 2. Design procurement and installation of Inner Array Cables (SOC) Offshore Substation 3. Installation of the Offshore Substation and its foundations (SHL) Export Cable WTG Subsea 7 does not currently carry out Foundations (Jacket) installation or procurement of: Inner Array Cables 1. Wind Turbine Generators 2. Export Cables WTG Foundation Piles

16 © Subsea 7 - 2019 subsea7.com Index

What we do Our differentiators Our priorities Our outlook Our financials Appendix

17 © Subsea 7 - 2019 subsea7.com Our Differentiators

We’re different from our competition because we’re more creative, more reliable, and more focused on what our clients really need.

Global team with expertise, passion and Culture commitment to deliver.

Ability to innovate through technology, Creativity processes and partnerships. Working and learning together to achieve Relationships success for all. Reliability Trusted partner in delivering projects.

Client-focused mindset to create the right Solutions solution.

18 © Subsea 7 - 2019 subsea7.com Creating market-leading solutions

Engage early Enable with technology Digitalise and automate

19 © Subsea 7 - 2019 subsea7.com Early engagement

FEASIBILITY & CONCEPT CONCEPT SELECT & PRE- FEED & DESIGN EARLY CLIENT ENGAGEMENT APPRAISE SCREENING FEED COMPETITIONS

20 © Subsea 7 - 2019 subsea7.com Total Lifecycle Solutions

10 projects (1) (including 4 FEED-to-EPIC contracts)

7 clients

5 countries Africa, Australia, UK, Norway and US Gulf of Mexico

(1) Awarded since 2015

21 © Subsea 7 - 2019 subsea7.com Relationships with clients and partners

• Comprehensive integrated offering with Subsea Fully Integrated Integration Alliance partner OneSubsea, Schlumberger

• Unique integrated client partnership model with Aker BP

• Successful partnership models with certain independent clients including Premier, Independent Aker BP Clients Chrysaor and Spirit Energy Partnership Partnership

22 © Subsea 7 - 2019 subsea7.com Power of partnerships: AkerBP story

Delivering significant cost improvements (1)

-36%

-13% -23%

Volund infill Boa infill Kameleon infill South

Plan Actual

(1) Cost improvements related to the subsea scope of the projects. Source: AkerBP 23 © Subsea 7 - 2019 subsea7.com Power of partnerships: AkerBP story

Ærfugl phase 1 and 2 projects: EHTF solution for a long distance tie back Early adoption of proprietary leading-edge • Partnership formed in 2015 following cost-saving technology a competitive tender process Volund Infill project (completed): • Underpinned by a frame agreement Two well tie-in completed 25% faster with value of approximately NOK 2 Delivered 9 months sooner billion Valhall Flank West and Flank North • Unique three way collaboration: Aker projects: BP, Aker Solutions and Subsea 7, Tie-back with umbilical and riser with all parties sharing risks and installation rewards Skogul project: • One integrated team creating the Long distance tie back with pipe-in-pipe most efficient and effective solutions technology together

24 © Subsea 7 - 2019 subsea7.com Drivers of lower costs for projects

• Earlier engagement enables better engineering, introduction of Earlier engagement integrated and full lifecycle solutions and application of new Closer collaboration technology Leaner processes • Closer collaboration with alliances and partnerships reduces risk Supply chain deflation and shortens project duration Scope reduction Lower margin • Leaner processes reduce project management and engineering hours • Supply chain deflation gives lower procurement costs Lower project • Scope reduction eliminates over-engineering and reflects a more cost modular development approach • Lower margins accepted on projects to protect utilisation and retain capability

25 © Subsea 7 - 2019 subsea7.com Drive business improvements to lower costs

Project A Actively adapt to industry conditions without losing focus on long term strategic priorities

Initial price Concept optimsiation AngolanLocal Content Competition Sourcing,Sourcing Final price reductioncontent specifications,and specification SoW reduction negociations, … Project B

InitialBase Caseprice Field Architecture Scope/Spec change Others FinalSTIA price

Project C Enable projects to progress in a lower oil price environment

Initial price Field Scope/Specs Others Local ContentSPS interface Optimised Scope Final Price Architecture price transfer

26 © Subsea 7 - 2019 subsea7.com Our People

• 11,000 people in our workforce at end 2018, including over 1,700 engineers • We deliver projects based on our expertise and know-how • Our highly skilled and experienced workforce deliver projects safely and reliably • We recognise the importance of diversity and strive to achieve it

12% Nationality mix14%

17% 54% 46% 33%

23%

Europe Americas Offshore Female Onshore Female Asia Pacific Other Onshore Male Offshore Male

27 © Subsea 7 - 2019 subsea7.com A modern and versatile fleet of 35 vessels

VesselsOwnership by Ownership type Vessels by Age

0-5 years 6 Owned 10 10 6-11 years 28 14 Chartered 12+ years

Vessels by Operational category

Rigid-lay/Heavy Construction

Diving support

Life of Field

Construction flexlay

Renewables & Heavy Lift

Hook up 0 2 4 6 8 10 12 14

28 © Subsea 7 - 2019 subsea7.com 35 Vessels including 32 active vessels at end Q3 ‘19

Under Construction Reel-lay Vessel to be named Seven Chartered from a third party Vega Owned by Nigerian joint venture Long-term charter from a vessel-owning joint venture Stacked 29 © Subsea 7 - 2019 subsea7.com Index

What we do Our differentiators Our priorities Our outlook Our financials Appendix

30 © Subsea 7 - 2019 subsea7.com Priorities for cash

Uses of cash since 2011

• 12 vessels added Invest in the business • 6 businesses acquired • Average 18 new patent applications per year

Maintain investment • Strong liquidity • Net debt to EBITDA ratio within investment grade profile grade parameters

5 share repurchase programmes completed Return to shareholders 6 dividends paid over 8 years $1.9bn returned in total

31 © Subsea 7 - 2019 subsea7.com Subsea 7’s approach and strategy through the cycle

New-build vessels: PLSV Seven Arctic DSV Seven Kestrel Global alliance with KBR/ Granherne Cost reduction Subsea Integration programmes Alliance: 2015/2016 Acquisition: Middle East Investment: Early Re-branding engagement

2015 2016 2017 2018 2019

New rigid reel-lay Creation of i-Tech Acquisition: vessel ordered Services Business technology Unit Investment: Acquisition: Digitalisation Renewables Acquisition: Renewables Global alliance with OneSubsea

32 © Subsea 7 - 2019 subsea7.com Index

What we do Our differentiators Our priorities Our outlook Our financials Appendix

33 © Subsea 7 - 2019 subsea7.com A recovering market

• Early engagement and integrated solutions have reduced the cost of projects for the operator Market awards increase • 2017: Tendering and engineering increased

Key Vessel • 2018: Brownfield awards increased Utilisation

• 2019: First phase of greenfield awards Pricing Power • 2020/2021: Offshore campaigns increase

34 © Subsea 7 - 2019 subsea7.com The outlook for offshore oil and gas projects is improving

Subsea Equipment Subsea Services SURF

24 18 +13% 20 15 +17% +9% 12 16 +8% -7% 12 9 -7% 9 +15% +3% -1% 6 6 8

3 3 4

0 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Forecast Forecast Forecast

Wellheads, Trees, Templates and Manifolds, Control Flow Assurance, IMR, ROV Services, Subsea Testing, Pipeline Systems, Risers, Subsea Installation, Systems, Other Subsea Tools Tool Pool, Other Subsea Services Umbilicals

Outlook based on total market subsea CAPEX estimate (revenue-based) Source: Rystad March 2019

35 © Subsea 7 - 2019 subsea7.com Outlook: Key projects

Europe • Increasingly, greenfield • SSE Seagreen (W) projects require an early Canada and USA • Vattenfall HKZ (W)* engagement approach • Equinor Bay du Nord (i) • Innogy Kaskasi II (W) • Shell Whale • IOG Blythe and Vulcan • Vessel availability tightening • AkerBP Aerfugl Ph2 • Shell Ormen Lange Ph3 (i)* for SURF and Conventional projects Africa • Woodside SNE 1 (i)* Middle East & Asia • Renewables continue to grow • Shell Bonga SW (i) • WPD Guanyin (W) around the globe • Aker Energy Pecan (i) • ADNOC Hail Ghasha • ENI Rovuma • Increased competition for • BP PAJ (i) foundations installation Brazil • Equinor Carcará (i) projects as SURF contractors Australia • Total Lapa SW (i) • Woodside Scarborough (i)* enter the renewables market • Petrobras Buzios V • Woodside Julimar* • Petrobras Mero 2 • ConocoPhillips Barossa Guyana • Woodside Browse (i) • ExxonMobil Hammerhead

* FEED already awarded with EPIC to follow pending FID (i) Integrated SURF + SPS 36 (W) Offshore windfarm project © Subsea 7 - 2019 subsea7.com Offshore wind farms

• Double-digit structural growth trend Cumulative GW Installations • Increasing global footprint outside 140 Europe 120 • Seaway 7 has over 10 years’ experience 100 in wind farms installations CAGR 16% 80

GW • Four specialist Seaway 7 vessels 60 including heavy lift and cable-lay 40 capability CAGR 12% 20 • Delivering EPIC and T&I solutions for our 0 clients 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Europe Rest of World • Capable of working at all depths /

Source: BNEF July 2018 floating wind farm opportunity longer- term

37 © Subsea 7 - 2019 subsea7.com Outlook: Brownfield projects, Conventional and Life of Field

• Economical at lower oil prices • Fast track execution by clients to maintain production with tie-back and field enhancements • Subsea 7 differentiated by – proprietary flowline technology – partnership contract model • Shift towards independent clients in the North Sea as fields change ownership • High volume of Conventional market activity in Middle East offers opportunities for growth

38 © Subsea 7 - 2019 subsea7.com Summary

• Gradual market recovery for offshore oil and gas activity worldwide continues

• Early engineering, technology and integrated services are key enablers for greenfield awards

• Renewables market continues to grow rapidly but foundation installation sector remains competitive at this stage

• Subsea 7 is well positioned across all focus areas to navigate next phase of our business with increasing focus on energy transition and the application of new technologies

39 © Subsea 7 - 2019 subsea7.com Index

What we do Our differentiators Our priorities Our outlook Our financials Appendix

40 © Subsea 7 - 2019 subsea7.com Backlog and order intake Backlog of $4.9 billion, as at 30 September 2019 • $1.4 billion order intake in the third quarter • Book-to-bill:

2019 – 1.4x in the quarter SURF and $0.9bn 2021+ Conventional – 1.0x year-to-date $1.4bn $4.0bn Renewables & • Six announced awards: Heavy Lifting $0.3bn – Europipe II (Norway) 2020 – Hornsea Two (UK) Life of Field $2.6bn $0.6bn – Lapa NE (Brazil) – Marjan 2 (Middle East) – ACE (Azerbaijan) – 28 Jackets (Middle East) Order backlog includes: - $0.7 billion relating to long-term contracts for PLSVs in Brazil - approximately $80 million adverse foreign exchange movement in the third quarter

41 © Subsea 7 - 2019 subsea7.com Business Unit performance – Third quarter

Revenue NOI $951m $1,082m $59m $111m

$152m $55m $66m $70m

$16m $4m

$6m $826m $865m $93m $62m

$(8)m

2019 2018 2019 2018

SURF & Conventional Life of Field Renewables & Heavy Lifting

Corporate segment: net operating loss Q3 2019 $2m (Q3 2018: net operating loss $3m)

42 © Subsea 7 - 2019 subsea7.com Income statement – Q3 highlights

Three months ended

30 September 2019 30 September 2018 In $ millions, unless otherwise indicated Unaudited Unaudited

Revenue 951 1,082

Net operating income (NOI) 59 111

Income before taxes 71 110

Taxation (28) (34)

Net income 42 76

Adjusted EBITDA(1) 181 217

Adjusted EBITDA margin 19% 20%

Diluted earnings per share $ 0.15 0.23

Weighted average number of shares (millions) 299 328

(1) Adjusted EBITDA defined in Appendix

Three months ended

30 September 19 30 September 18 In $ millions Unaudited Unaudited Administrative expenses (73) (64)

Share of net (loss)/income of associates and joint ventures (3) -

Depreciation, amortisation, mobilisation and impairment (122) (107)

Net operating income 59 111

Net finance (cost)/income (4) 1

Other gains and losses 16 (2)

Income before taxes 71 110

Taxation (28) (34)

Net income 42 76

Net income attributable to:

Shareholders of the parent company 44 76

Non-controlling interests (2) -

Maintaining cost discipline as the activity levels recover

$ billion Vessels and other 7 costs(1): Including vessel 6.0bn costs, onshore facilities, IT 6 infrastructure and other 0.8 fixed overheads 5 0.4 4.2bn 3.9bn Depreciation and 4 3.4bn amortisation: excludes 2.0 0.8 3.0bn 0.5 non-recurring impairment 0.4 0.4 3 0.5 charges 0.6 0.4 1.0 1.4 0.4 (2) 2 0.8 People : Offshore and onshore personnel 2.8 1.0 1 2.0 1.6 1.7 Procurement of materials 1.0 and other direct project 0 costs 2014 2015 2016 2017 2018

(1) Includes impairment charges related to property, plant & equipment and intangibles (2) Includes restructuring charges in 2015 and 2016

• 2019 EBITDA guidance for lower than 2018 in absolute terms but to remain double-digit percentage margin • Gradual margin recovery expected as market activity increases

Average 32%

Average 21% Average 17%

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019

Total vessel Number of projects Backlog value by Costs ($bn) utilisation >$300m completed year awarded

82% 72% 66% 70% 2013 61% and 2014 2.0 earlier 1.4 2015 2016 1.0 1.0 2018 0.8

0.8 0.8 2017 0.6 0.5 0.5

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Reduction in offshore Fewer large projects Lower margin projects Continued cost activity levels in the final stages of signed in the discipline completion downturn People costs

Vessel and other costs

Definitions on slide 12

47 © Subsea 7 - 2019 subsea7.com Reconciliation of Adjusted EBITDA Net operating income to Adjusted EBITDA Three Months Ended 30 September 2019 Three Months Ended September 2018 For the period (in $millions) Unaudited Unaudited Net operating income 59 111 Depreciation, amortisation, mobilisation and impairment 122 107 Adjusted EBITDA 181 217 Revenue 951 1,082 Adjusted EBITDA % 19% 20%

Net income to Adjusted EBITDA Three Months Ended 30 September 2019 Three Months Ended 30 September 2018 For the period (in $millions) Unaudited Unaudited Net income 42 76 Depreciation, amortisation, mobilisation and impairment 122 107 Finance income (3) (4) Other gains and losses (16) 2 Finance costs 7 3

Taxation 28 34 Adjusted EBITDA 181 217 Revenue 951 1,082 Adjusted EBITDA % 19% 20%

30 30 30 30 September September September September 2019 2018 2019 2018 In $ millions Unaudited Unaudited In $ millions Unaudited Unaudited

Assets Equity & Liabilities Total equity 5,442 5,826 Non-current assets Non-current liabilities Goodwill 768 767 Non-current portion of borrowings 215 240 Property, plant and equipment 4,484 4,662 Non-current lease liabilities 273 - Right-of-use asset 352 - Other non-current liabilities 153 260 Other non-current assets 123 171 Total non-current liabilities 641 500 Total non-current assets 5,727 5,600 Current liabilities Current assets Trade and other liabilities 943 1,065 Trade and other receivables 713 632 Current portion of borrowings 25 25 Construction contracts - assets 430 568 Current lease liabilities 95 - Other accrued income and prepaid 193 226 expenses Construction contracts – liabilities 147 143 Cash and cash equivalents 367 732 Deferred revenue 27 7 Other current assets 49 56 Other current liabilities 159 248 Total current assets 1,752 2,214 Total current liabilities 1,396 1,488 Total assets 7,479 7,814 Total liabilities 2,037 1,988 Total equity & liabilities 7,479 7,814

$ millions Cash and cash equivalents at 1 Jan 2019 765

Included a decrease in net operating liabilities of Net cash generated from operating activities 195 $169 million

Included cash outflows on capital expenditure of Net cash flow used in investing activities (175) $177m

Included share repurchases of $250 million, Net cash flow used in financing activities (413) dividends paid of $54 million and lease payments of $81 million

Other (5)

Cash and cash equivalents at 30 September 2019 367

181 (112)

(21) (29) (30) 420 (25) (6) (27) 15 367

Cash at 1 July 2019 EBITDA Changes in Tax paid Capex Payment of Share repurchases Repayment of Lease payment Other Cash at 30 operating assets contingent borrowing September 2019 and liabilities consideration in respect of acquisitions

At 30 September 2019: • Net cash of $127 million excluding $368 million of lease liabilities • Net debt of $241 million including lease liabilities • Undrawn revolving credit facility of $656 million 51 © Subsea 7 - 2019 subsea7.com Financial guidance(1)

2019 Guidance Revenue Slightly lower than 2018 Adjusted EBITDA(2) Lower than 2018, double digit percentage margin Net Operating Income Positive for the Group Administrative expense $265 million - $275 million Net finance cost $10 million - $15 million Depreciation and Amortisation $480 million - $490 million Full year effective tax rate 39% - 41% Capital expenditure (3) $250 million - $270 million

NEW 2020 Guidance Revenue Higher than 2019 Adjusted EBITDA Higher than 2019

(1) Guidance given 7 November 2019 (2) Adjusted EBITDA in 2019 is expected to benefit by between $100 million and $110 million due to the implementation of IFRS 16 on 1 January 2019 52 (3) Includes approximately $80 million expenditure related to the new©-build Subsea reel 7 --2019lay vessel subsea7.com IFRS 16 ‘Leases’ guidance

• IFRS 16 ‘Leases’ became effective 1 January 2019. IFRS 16 2019 forecast impact • Requires the Group to recognise: Income Statement ➢ a right-of-use asset for long-term leases, to be amortised straight-line over duration of the Lease expense Decrease by $100m - $110m lease. Adjusted EBITDA Increase by $100m - $110m ➢ a lease liability (equivalent in value to the right- of-use asset) with finance costs recognized over Amortisation charge Increase by $90m - $100m lease life. Net operating income Increase by $10m - $15m • No cash flow impact. Net finance charge Increase by $10m - $15m • No impact on net income over duration of leases. • Due to modified retrospective implementation, 2019 Net income Decrease by approx. $5m net income will be adversely impacted by Balance Sheet approximately $5m, which will reverse in Right-of-use asset $352m at 30th September 2019 subsequent years. • Impact on 2019 results may differ from the guidance Lease liability $367m at 30th September 2019 given, depending on lease commitments.

Major project progression Track record ADR Contact details

• Continuing projects >$100m between 5% and 95% complete as at 30 September excluding PLSV and Life of Field day-rate contracts

Sonamet (Angola) Oda (Norway) Announced size (1) WDDM 9B (Egypt) of project Snorre Expansion (Norway) 3PDMs (Saudi Arabia) Major Katmai (USA) (Over $750m) Nova (Norway) Very Large Aerfugl (Norway) ($500-$750m) Buzzard Phase 2 (UK) Large Manuel (USA) ($300-$500m) Mad Dog Phase 2 (USA) Substantial Zinia (Angola) ($150-$300m) Penguins Redevelopment (UK) Arran (UK) Sizeable Berri/Zuluf (Saudi Arabia) ($50-$150m) YUNLIN Offshore Wind Farm (Taiwan)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% (1) Project size at date of award 55 © Subsea 7 - 2019 subsea7.com • Shearwater, Shell • Orman Lange, Shell • Buzzard ph. 2, Nexen • Nova, Wintershall • Penguins, Shell • IRM Services, Equinor • Pierce, Shell • Johan Castberg, Equinor • SCIRM, BP • Snorre, Equinor • DSVi, Various • Aerfugl, Aker BP

• Beatrice wind farm, BOWL • Coastal Virginia Offshore Wind, Orsted • Borkum II, Trianel

• Triton Knoll, Innogy • Yunlin Offshore Windfarm, WPD • Hornsea 2, Orsted • Katmai, Fieldwood • Formosa 2 Windfarm, JdN • Hywind Tampen, Equinor • Mad Dog 2, BP • Manuel, BP • Marjan 2, Saudi Aramco • IRM services, Shell • 3 GDPs, Saudi Aramco • Hasbah, Saudi Aramco

• PLSVs, Petrobras • Zinia Phase 2, Total • Lapa NE, Total • Scarborough (FEED), Woodside • West Nile Delta, BP • Julimar (FEED), Woodside Key • Jubilee, Tullow • Sole, Cooper • PUPP, Mobil Producing Nigeria • Oil and Gas projects • West Barracouta, Esso • SNE Phase 1 (FEED), Woodside

• Renewables projects

ADR Ticker: SUBCY ADR type: Sponsored Level 1 ADR Listing venue: OTC CUSIP: 864323100 Ratio: 1 ADR : 1 Ordinary Share

Depositary bank: Deutsche Bank Trust Company Americas

ADR broker helpline: New York: +1 8662492593 London: +44 207 547 6500 Hong Kong: +852 2203 7854 e-mail: [email protected] ADR website: www.adr.db.com

57 © Subsea 7 - 2019 subsea7.com Contact: Isabel Green, Investor Relations Director eMail: [email protected] Direct Line +44 20 8210 5568 Website www.subsea7.com