16 August 2019 - Siem Industries Inc. (the “Company”) announces that is has
today entered into an OTC Option structure with a total of 10 legs and the
underlying shares being Subsea 7 S.A. (“SUBC”) shares. One leg represents a
bought Put for 1,140,000 shares, two of the legs represent bought Calls for an
aggregate 698,000 SUBC shares and seven of the legs represent sold Puts for an
aggregate 1,996,000 SUBC shares with the details as follow:

Expiry	     Bought Call	Sold Put	Bought Put	Strike price
             Underlying         Underlying      Underlying      NOK
             shares	        shares	        shares	
2019 Aug 16			                1,140,000	90
2019 Nov 15		        130,000		                89
2019 Dec 20		        540,000		                89
2020 Feb 21		        130,000		                89
2020 May 15		        130,000		                89
2020 Aug 21		        540,000		                84
2020 Dec 18		        353,000          		79
2020 Dec 18	349,000			                        94
2021 May 23		        173,000          		76
2021 May 23	349,000			                        94

In the event that all options are exercised, the number of Subsea 7 shares
beneficially owned by the Company will increase from 71,712,977 to 85,426,977
shares, or approximately 28.5% of Subsea 7’s issued shares.

Siem Industries is represented on the Board of Directors of Subsea 7 S.A. by
Kristian Siem, the Company’s Chairman.