Mandatory notification of trade

9/5/2012 10:32 AM EST

Siem Industries Inc has today successfully placed 
Senior Secured Exchangeable Bonds Linked to Common 
Shares of Subsea 7 S.A for US$ 400 million, 
potentially increased by the exercise of a greenshoe 
option to up to US$ 445 million. The exchangeable 
bonds, which will mature on 12 September 2019, may be 
exchanged for common shares of Subsea 7 S.A. at an 
exchange price of US$ 29.0021 (subject to adjustments 
in accordance with the terms of the Bond Agreement) 
in the period beginning on 1 November 2012 and ending 
10 days before the final maturity date of the 
exchangeable bonds. Based on the initial exchange 
price and absent the exercise of the greenshoe 
option, the exchangeable bonds may be exchanged for a 
total of 13,792,104 common shares of Subsea 7 S.A. 
Under the bond agreement, Siem Industries Inc holds 
the right to redeem the exchangeable bonds at any 
redemption date by delivering such number of Subsea 7 
common shares as is determined by dividing the 
principal amount of the bonds by the average of the 
volume weighted average price of a share converted at 
the prevailing USD:NOK spot exchange rate, for a 
period of 20 dealing days ending on the date falling 
three dealing days prior to the relevant redemption 
date. 

Siem Industries Inc holds 69,731,930 common shares in 
Subsea 7 S.A. 

Siem Industries Inc is represented at the board of 
directors of Subsea 7 S.A. through Kristian Siem and 
Eystein Eriksrud.