Luxembourg - 19 June 2023 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) confirms
today that its offer, dated 15 June 2023, for the entire share capital of DOF
Group ASA (DOFG) expires at the end of today. This follows the rejection of the
offer by the board of DOFG on 16 June 2023.

The  board of DOFG concluded that NOK 35 per share is below the equity valuation
expectation of the board and its current shareholders. Subsea7 was guided in its
offer  by the pricing of the new  share issue through an initial public offering
at  NOK 28 per  share, as  well as  the pricing  of shares allocated to the DOFG
chairman and directors at NOK 23 per share on the 8 June 2023.

While  major shareholders in  DOFG we have  contacted have expressed support for
the  industrial  rationale  for  the  combination  and the attractiveness of the
Subsea7  equity element of  the offer, the  board of DOFG  has refused to engage
with Subsea7 on this offer.

Subsea7  is not prepared to amend its offer without the board of DOFG expressing
willingness  to open a constructive  dialogue. Subsea7 reiterates its conviction
in  the strategic rationale, industrial logic  and the attractiveness of Subsea7
equity  as part of the offer, which it believes is in the best interests of both
companies' shareholders.

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Subsea7 is a global leader in the delivery of offshore projects and services for
the  evolving  energy  industry.  We  create  sustainable  value  by  being  the
industry's  partner and employer of choice  in delivering the efficient offshore
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 (0)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