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Subsea 7: Notification of major holdings

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Oilfield Technology,

Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has announced that, on 24 November 2016, Orbis Investment Management Limited informed the company that on 21 November 2016 the total number of voting rights in the company (attached to shares or through financial instruments) held by Orbis Investment Management Limited reached 16 303 591 shares representing 4.98% of the voting rights in the company, thereby crossing below the 5% threshold provided for by Luxembourg's Transparency Law of 11 January 2008 on transparency requirements for issuers of securities.

The 16 303 591 voting rights in the company held by Orbis Investment Management Limited were all attached to shares.

Subsea 7 S.A. is a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry. It provides technical solutions to enable the delivery of complex projects in all water depths and challenging environments.

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