Subsea 7 - special dividend and notification of general meetings

Luxembourg – 25 February 2021 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced that, marking confidence in the financial position and outlook for the Group, the Board of Directors will recommend to shareholders at the Annual General Meeting (the "AGM") that a special dividend of NOK 2.00 per share be paid, equivalent to a total dividend of approximately USD 70 million.

The AGM is scheduled to take place at 15:00 (local time) on 14 April 2021 at the Company's registered
office, 412F, route d'Esch, L-2086 Luxembourg.

An Extraordinary General Meeting (the “EGM”) will also take place at the Subsea 7’s registered office immediately after the AGM on 14 April 2021 in order to consider (i) a renewal of the authority of the Board of Directors to repurchase and subsequently cancel its shares, (ii) a reinstatement of the Company’s authorised share capital and (iii) proposed amendments to the Company’s articles of incorporation. The proposed agenda and the notice to convene the AGM and EGM will be published and distributed to eligible shareholders on 12 March 2021.

The holders of common shares and American Depositary Receipts (“ADRs”) on record at the close of business on 1 March 2021 will be entitled to vote. The deadline for submission of votes for holders of ADRs is 5 April 2021 and for holders of common shares is 9 April 2021.

If the AGM approves the proposed payment of a special dividend of NOK 2.00 per share, the last day the shares will be traded including the right to receive a dividend will be 28 April 2021 and holders of common shares and ADRs on record at the close of business on 30 April 2021 will be entitled to the dividend. The first trading date ex-dividend will be 29 April 2021. The date of payment of the dividend will be 7 May 2021 for holders of common shares and 14 May 2021 for holders of ADRs.

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Subsea 7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea 7 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 [phone]
[e-mail]
www.subsea7.com