Subsea Partner Of Choice

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Subsea Partner Of Choice
Subsea 7 Inc.Earnings PresentationQuarter
Ended31 December 2006
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Subsea Partner Of Choice
Highlights Q4 2006

• Operational activity high but progress adversely
  affected by bad weather and a Divers strike in
  the North Sea.
• Award of Shell BC10 contract in Brazil valued at
  USD 275 million.
• Commitment made to build North Sea Spool Base.
• Bidding activity remains high with strong market
  outlook.

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Subsea Partner Of Choice
Operational Performance by Region North Sea

• North Sea Operations in the quarter impacted
  significantly by bad weather and Divers strike.
• Significant delays incurred on Talisman Enoch
  project in particular.

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Subsea Partner Of Choice
Operational Performance by Region West Africa

• No significant offshore operations in the
  quarter.
• Project management, procurement and engineering
  ongoing on the Petro SA, Saxi Batuque, Tombua
  Landana and Agbami projects

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Subsea Partner Of Choice
Operational Performance by Region Brazil

• Progress on the PDEG project hampered by
  unusually bad weather and vessel breakdown.
• Lochnagar and K3000 continue working for
  Petrobras on day rate contracts.

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Subsea Partner Of Choice
Operational Performance by Region Gulf of Mexico

• Offshore scope of Shell Deimos and Nexen V
  projects and initial phase of Independence Subsea
  successfully completed.
• Project management and engineering ongoing on bp
  Atlantis and Chevron Blind Faith projects.

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Subsea Partner Of Choice
Operational Performance by Region Asia Pacific

• Offshore phase of Kikeh project commenced but
  progress hampered somewhat by operational issues
  including unplanned vessel maintenance.
• Project management and engineering progressed on
  BHP Stybarrow and TUI Development projects.

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Subsea Partner Of Choice
New Vessels Entering Fleet
Delivery Programme
Q207
Q307
Q208
Q308
Q109
Q407
Q108
Q408
Q107
O W N E D
Seven Oceans
Seven Seas
Shell DSV
C H A R T E R E D
Geo Bergen
Normand Seven
Shell ROVSV
Skandi Seven
Skandi Seven will replace Geo Bergen in Q308
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Subsea Partner Of Choice
Backlog at Q4 2005 Q4 2006

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Subsea Partner Of Choice
Backlog as at 31st December 2006 by Year of
Execution

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Subsea Partner Of Choice
Financial Highlights
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Subsea Partner Of Choice
Cash Flows
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Subsea Partner Of Choice
Balance Sheet
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Subsea Partner Of Choice
Shareholders Equity
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Subsea Partner Of Choice
Summary

• Operations in 4th quarter significantly affected
  by bad weather and a Divers strike in the North
  Sea.
• Disappointing result for the quarter but overall
  a pleasing result for the year underpinned by
  consistently good project execution and high
  asset utilisation.
• USD 2.9 billion of contracts awarded since 30th
  June, 2006. Backlog now at USD 3.7 billion
  approximately.
• Bidding activities remain at a high level. We
  continue to be selective in the opportunities we
  pursue.