Oslo - 2 March 2023 - Subsea 7 S.A. ("Subsea7") (Oslo Børs: SUBC, ADR: SUBCY)
today announced that it has entered into agreements to acquire 187,889,551
shares in Seaway 7 ASA ("Seaway7"), corresponding to 21.52 per cent of Seaway7's
issued and outstanding share capital, from Songa Capital AS, West Coast Invest
AS and Lotus Marine AS (the "Transactions"). Songa Capital AS, West Coast Invest
AS and Lotus Marine AS will as consideration receive 1 new share in Subsea7 for
every 22 shares in Seaway7 contributed in the Transactions.

Following completion of the Transactions, expected to take place during March
2023, the Subsea7 Group will own 93.94 per cent of the issued and outstanding
share capital of Seaway7. Subsea7 will be in a position to effect a compulsory
acquisition of the remaining Seaway7 shares pursuant to Section 4-25 of the
Norwegian Public Limited Liabilities Act, but has resolved to put forward a
voluntary exchange offer to acquire the remaining outstanding shares in Seaway7
against a consideration of Subsea7 shares (the "Offer"), prior to effecting the
compulsory acquisition. Eligible Seaway7 shareholders tendering their shares in
the Offer will receive 1 new share in Subsea7 for every 22 shares in Seaway7
tendered, rounded down to the nearest whole share. Fractional shares will be
compensated in cash.

At the time of announcement, the value of the consideration agreed by the
parties was equal to NOK 6.15 per Seaway7 share. This is based on the exchange
ratio (1:22) and closing price of Subsea7 of NOK 135.30 on 1 March 2023, the day
immediately preceding the announcement of the Transactions. The closing price of
the Seaway7 shares on 1 March 2023, the day immediately preceding the
announcement of the Transactions was NOK 7.22.

The Offer valued the total issued share capital of Seaway7 at approximately NOK
5.37 billion.

Seaway7 shareholders who accept the offer will have the benefit of the liquidity
of the Subsea7 shares while retaining a stake in the expected benefits of the
combined group. 

Rune Magnus Lundetræ, the chairman of the Board of directors of Seaway 7 has
informed Subsea7 that he intends to tender his shares in Seaway7 in the Offer.

About the Offeror:
Subsea7 is a global leader in the delivery of offshore projects and services for
the energy industry. Subsea7 makes offshore energy transition possible through
the continuous evolution of lower-carbon oil and gas and by enabling the growth
of renewables and emerging energy. Subsea7's offshore operations span five
decades, successfully completing over 1000+ projects.

About the Offer:
The shareholders of Seaway7 will receive one new Subsea7 share for every 22
Seaway7 shares, rounded down to the nearest whole share.

The Offer will not contain any conditions.

The offer period (the "Offer Period") is expected to commence at 09:00 hours
(CET) on 13 March 2023 and to end at 16:30 hours (CET) on 14 April 2023, with
settlement expected on 24 April 2023. 

The complete details of the Offer, including all terms and conditions, will be
included in the offer document (the "Offer Document") to be sent to the Seaway7
shareholders and will be available at the website of Subsea7 and the receiving
agent.

Shareholders are urged to read the Offer Document when it becomes available as
it will contain important information.

This notification does not in itself constitute an offer. The Offer will only be
made on the basis of the Offer Document and can only be accepted pursuant to the
terms of the Offer Document. The Offer will not be made in any jurisdiction in
which the making of the Offer would not be in compliance with the laws of such
jurisdiction.

Subsea7 will, following completion of the Offer use its right (and each
remaining shareholder in Seaway7 would have the right to require Subsea7) to
initiate a compulsory acquisition (squeeze-out) of the remaining Seaway7 shares
not tendered in the Offer pursuant to Section 4-25 of the Norwegian Public
Limited Liability Companies Act.

Subsea7 will apply for a delisting off the Seaway7 shares from Euronext Growth
Oslo following the initiation of the squeeze out.

Advisors:
Fearnley Securities AS is acting as receiving agent (the "Receiving Agent") and
Advokatfirmaet Wiersholm AS is acting as legal advisor to Subsea7. Wikborg Rein
Advokatfirma AS is acting as legal advisor to Seaway7.

Further information:
The Offer Document will be available on the websites of Subsea7 and the
Receiving Agent (www.subsea7.com and
www.research.fearnleysecurities.no/transactions/) at the first day of the Offer
Period.

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Subsea7 creates sustainable value by delivering the offshore energy transition
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 20 8210 5568
ir@subsea7.com

Forward-Looking Statements: This announcement may contain 'forward-looking
statements' (within the meaning of the safe harbour provisions of the U.S.
Private Securities Litigation Reform Act of 1995). These statements relate to
our current expectations, beliefs, intentions, assumptions or strategies
regarding the future and are subject to known and unknown risks that could cause
actual results, performance or events to differ materially from those expressed
or implied in these statements. Forward-looking statements may be identified by
the use of words such as 'anticipate', 'believe', 'estimate', 'expect',
'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',
'strategy' 'will', and similar expressions. The principal risks which could
affect future operations of the Group are described in the 'Risk Management'
section of the Group's Annual Report and Consolidated Financial Statements.
Factors that may cause actual and future results and trends to differ materially
from our forward-looking statements include (but are not limited to): (i) our
ability to deliver fixed price projects in accordance with client expectations
and within the parameters of our bids, and to avoid cost overruns