Subsea 7 Announces $440m Subsea Contract Offshore Australia with Chevron

Subsea 7 S.A. (Oslo Børs: SUBC) announced today that it has been awarded a contract valued at approximately $440 million from Chevron Australia Pty Ltd for the Chevron-operated Gorgon Project, offshore Western Australia.

The work scope includes installation and tie-in of heavy lift structures in the Gorgon and Jansz Fields, respectively 65km and 130km from Barrow Island, off the north-west coast of Western Australia, in water depths of up to 1,350m. The project scope includes engineering, spools fabrication, transportation, installation and pre-commissioning of the following:

- 20 subsea structures and foundations, each of up to 1,065 Te;
- 15 heavy spools, each of up to 190 Te;
- 48 tie-in spools;
- 39 electrical and 18 hydraulic flying leads; and
- 5 infield umbilicals and 2 associated distribution units.

Project management and engineering will commence immediately from Subsea 7's office in Perth, Australia, with offshore operations scheduled to commence in 2013 using Sapura 3000 and other construction vessels from our fleet.

Barry Mahon, Subsea 7's Senior Vice President, Asia Pacific & Middle East, said: "We are delighted to be awarded this pioneering contract, which complements
the recent award of the Gorgon Umbilicals Project and provides an excellent opportunity to further build upon our strong local presence, our expertise in engineering, project management and installation and our long standing track record of delivering significant subsea projects in Australia."

Jean Cahuzac, Subsea 7's Chief Executive Officer, said: "The Gorgon Project represents an important development for the subsea market in Australia and we are delighted to be awarded this prestigious contract by Chevron. This contract builds upon our world class assets and enhanced capabilities to apply advanced
solutions to meet the increasingly challenging needs of our clients in their complex subsea developments, reinforcing our position as a global leader in seabed to surface engineering, construction and services."

Location map showing the approximate location of some of the Greater Gorgon gas fields in realation to Barrow Island and the Western Australian coastline.

The Gorgon Project is one of the world's largest natural gas projects and the largest single-resource project in Australia's history. It is operated by Chevron and is a joint venture of the Australian subsidiaries of Chevron (approximately 47%),
ExxonMobil (25%) and Shell (25%), Osaka Gas (1.25%), Tokyo Gas (1%) and Chubu Electric Power (0.417%).