Subsea 7 announces proposed nominations to the Company’s Board of Directors

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the following changes to the membership of the Board of Directors, with new appointments being subject to approval at the AGM on 14 April 2021:

Ms Elisabeth Proust, currently Independent Director and member of both the Audit Committee and the Compensation Committee, will not be standing for re-election at the AGM.

The Board would like to thank Ms Elisabeth Proust for her valuable contribution to the Company.

The Board of Directors proposes Mr Eldar Sætre for election at the AGM as independent Non-Executive Director, with the appointment being effective from 1 June 2021. Biographical details of Mr Eldar Sætre are included in the published AGM materials.

The Board also proposes that Mr Kristian Siem and Mr Dod Fraser be re-elected as Directors of the Company at the AGM.

Changes to Committee memberships will be discussed at the next meeting of the Board, in May.

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Subsea 7 awarded sizeable contract

Subsea 7 S.A. today announced the award of a sizeable(1) contract. The contract will be recorded in the backlog of the Subsea and Conventional business unit in the first quarter.

The scope of work includes engineering, project management and procurement. Engineering activities will commence immediately at Subsea 7’s office in Sutton, UK.

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