Subsea Partner Of Choice

1
Subsea Partner Of Choice
Subsea 7 Inc.Earnings PresentationQuarter
Ended30 June 2007
2
Subsea Partner Of Choice
Quarter Highlights

• Continued high levels of activity and asset
  utilisation
• Satisfactory project execution particularly in
  North Sea, Gulf of Mexico and Asia Pacific
• Seven Oceans delivered on schedule
• USD 175 million raised from the issue of a
  convertible bond
• Satisfactory financial performance in the quarter

3
Subsea Partner Of Choice
Operational Performance by Region North Sea

• High level of activity in quarter
• Pipelay operations on Norsk Hydro Oseberg Delta,
  Venture GKA and Talisman Rev projects
  successfully completed
• Statoil Tyrihans project and hyperbaric welding
  on ConocoPhillips H7 bypass project also
  successfully completed

4
Subsea Partner Of Choice
Operational Performance by Region Africa

• Petro SA project impacted by Rockwater 1
  breakdown and conservative position taken over
  outstanding variation orders
• Saxi Batuque, Tombua Landana and Agbami projects
  continue to progress on schedule but have not yet
  reached a stage of completion to permit any
  significant profit recognition

5
Subsea Partner Of Choice
Operational Performance by Region Brazil

• K3000 successfully completed its planned drydock
  and conversion, and commenced new 6 year contract
  with Petrobras
• Progress of pre-commissioning and span
  rectification work on PDEG slower than planned

6
Subsea Partner Of Choice
Operational Performance by Region Gulf of Mexico

• 2007 offshore phase of Independence Subsea and
  BP Atlantis projects successfully completed
• Project management, engineering and onshore
  pipeline fabrication continues on Chevron Blind
  Faith project

7
Subsea Partner Of Choice
Operational Performance by Region Asia Pacific

• Murphy Kikeh, BHP Stybarrow and TUI development
  projects ongoing
• Joint Venture also continuing to support
  Woodside frame agreement

8
Subsea Partner Of Choice
Backlog at Q2 2006 Q2 2007

9
Subsea Partner Of Choice
Backlog at 30 June 2007 by Year of Execution

10
Subsea Partner Of Choice
Financial Highlights
11
Subsea Partner Of Choice
Cash Flows
12
Subsea Partner Of Choice
Balance Sheet
13
Subsea Partner Of Choice
Shareholders Equity
14
Subsea Partner Of Choice
Adjusted EBITDA
15
Subsea Partner Of Choice
Summary

• High level of project activity and asset
  utilisation continues
• Satisfactory financial performance in the
  quarter
• Backlog now at USD 3.9 billion
• Seven Oceans has joined the fleet and other new
  build vessels remain on schedule
• Market outlook remains strong with USD 8.0
  billion of contracts currently being tendered