Earnings Presentation for Fourth Quarter and Full Year Ended November 30, 2010

Earnings Presentation

Fourth Quarter and Full Year 2010

February 23, 2011

3:00pm UK time

Exhibit 99.2

Page

23-Feb-11

Forward-looking statements

•

Certain statements made in this announcement may include “forward-looking statements” within the meaning of

Section 27A of the Securities Act and Section 21E of the US Securities Exchange Act of 1934. These statements

may be identified by the use of words

like “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,”

“forecast”, “project,” “will,” “should,” “seek,” and similar expressions. These statements include, but are not

limited to, statements as to the approximate value of the contract awards and the scope and location of our work

thereunder, statements as to the date of commencement and completion of operations of contracts, statements as

to the scope of each awarded contract expectations as to the Group’s performance in 2011, expectations as to the

Group’s approach to costs, risk, pricing, execution and position and direction of the market in 2011, statements

contained in the "Outlook for Subsea 7 S.A." section, including the expected impact of a continued competitive

pricing environment, the anticipated activity levels in the Conventional market in West Africa, the anticipation that

delayed major SURF contracts will come to market and the timing of the offshore installation phase of such

projects, the expectation for SURF contracts to increase in size and complexity in the medium-term, our ability to

capture growth opportunities, statements as to the expected date of delivery of Seven Havila and Oleg Strashnov,

statements as to the expected uses of the new $1 billion revolving credit and guarantee facility, expectations

regarding our backlog and pre-backlog, the integration of Acergy S.A. and Subsea 7 Inc., the Board of Directors’

intention not to propose a dividend for consideration at the 2011 Annual General Meeting of Shareholders, the

expected costs relating to the acquisition of Borealis and the sources of such funds, the Group’s intention to delist

from NASDAQ and deregister under the US Securities Exchange Act of 1934, statements as to the timing and dates

of effectiveness of notices and filings to be made in connection with the delisting and deregistration process. The

forward-looking statements reflect our current views and assumptions and are subject to risks and uncertainties.

The following factors, and others which are discussed in our public filings and submissions with the U.S. Securities

and Exchange Commission, are among those that may cause actual and future results and trends to differ

materially from our forward-looking statements: actions by regulatory authorities or other third parties;

unanticipated costs and difficulties related to the integration of Acergy S.A. and Subsea 7 Inc. and our ability to

achieve benefits therefrom; unanticipated delays, costs and difficulties related to the combination transaction,

including

satisfaction of closing conditions; our ability to recover costs on significant projects; the general

economic conditions and competition in the markets and businesses in which we operate; our relationship with

significant clients; the outcome of legal and administrative proceedings or governmental enquiries; uncertainties

inherent in operating internationally; the timely delivery of ships on order and the timely completion of ship

conversion programmes; the impact of laws and regulations; and operating hazards, including spills and

environmental damage. Many of these factors are beyond our ability to control or predict. Given these factors,

you should not place undue reliance on the forward-looking statements.

Reflecting on 2010

Page

23-Feb-11

•

Both Companies have had an excellent year and delivered good results driven by

strong operational performances

•

Results were positively impacted by a number of factors:

–

Execution of contracts signed prior to 2009 with good profit margins

–

Timing

operations

projects

such

as:

PazFlor

going

offshore

during

the

fourth

quarter;

Block

utilising

Seven

Seas;

and

Block

Gas

Export

Line,

all

of which performed strongly

–

The continued strength of conventional activity in West Africa

–

The successful

completion

commercial

negotiations,

during

the

fourth

quarter,

on the Marathon Volund Project and the Mexilhao Project in Brazil, which has

now completed

2010 –

an excellent year

•

We have achieved more than delivering good results, we have prepared the future

•

We are very well positioned for short and long-term profitable growth:

–

Our safety results have continued to improve

–

We have announced the Combination of two strong companies

–

We have continued to upgrade our fleet through new builds and acquisitions

–

We have backlog of $6.3 billion for the combined two companies at the end of

December

–

Supported by a strong balance sheet

•

Very pleased with the progress the two Companies have made in 2010

•

Optimistic for our combined future

23-Feb-11

Page

2010 –

an excellent year

•

Investment focused on core assets; vessels with high technical specifications:

•

Acergy:

–

Good

progress

Borealis

construction

–

delivery

expected

2012

–

Good

progress

joint

venture

new

builds

Seven

Havila,

our

newbuild

diving

support vessel, and Oleg Strashnov, a second heavy lifting vessel for SHL –

delivery expected in H1 2011

–

Acquisitions

Antares,

Polar

Queen

and

Pertinacia

•

Legacy Subsea 7 completed five–year $1 billion fleet enhancement programme:

–

Delivery

Seven

Atlantic

and

Seven

Pacific

Page

23-Feb-11

Consistent Strategy and Priorities

•

We remain focused on key markets with long-term, strong and sustainable growth

characteristics; markets where we can differentiate ourselves, markets were we can

achieve profitable growth

•

Our priorities for the new Company remain the same:

–

Safety

–

Maintain discipline in our tendering processes

–

Continue to enhance our engineering and project management expertise,

knowledge management and controls

–

Optimise costs without impeding our ability to grow profitably

–

Continue to develop local content and talent

•

While integrating the two companies and achieving targeted synergies

Page

23-Feb-11

Page

23-Feb-11

Subsea 7 S.A.

financial

statements

Subsea 7 S.A. (formerly Acergy

S.A.) financial statements

highlights for the year and the

quarter ended November 30,

2010

Page

23-Feb-11

Subsea 7 S.A. (formerly Acergy S.A.)

Income statement highlights

Three Months Ended

Twelve Months Ended

In $ millions, except Adjusted EBITDA margin, share

and per share data

Nov.30.10

Unaudited

Nov.30.09

Unaudited

Nov.30.10

Audited

Nov.30.09

Audited

Revenue from continuing operations

717.2

621.9

2,369.0

2,208.8

Gross profit

231.8

166.7

668.0

525.0

Net operating income from continuing operations

152.9

113.5

436.1

342.7

Income before taxes from continuing operations

139.2

119.1

399.2

361.3

Taxation

(45.1)

(40.4)

(130.8)

(102.8)

Income from continuing operations

94.1

78.7

268.4

258.5

Net income from discontinued operations

29.6

2.4

44.6

7.2

Net income

123.7

81.1

313.0

265.7

179.2

163.3

559.3

488.3

25.0%

26.3%

23.6%

22.1%

Per share data (diluted)

$0.42

$0.39

$1.16

$1.29

$0.14

$0.01

$0.22

$0.04

$0.57

$0.40

$1.38

$1.33

Weighted average number of Common Shares and

Common Share equivalents outstanding

207.0m

206.2m

206.7m

183.8m

Adjusted EBITDA – continuing operations

Adjusted EBITDA margin – continuing operations

Earnings per share - continuing operations

Earnings per share - discontinued operations

Earnings per share – total operations

Page

23-Feb-11

Subsea 7 S.A. (formerly Acergy S.A.)

Cash flow highlights

Year Ended

Nov.30.10

Nov.30.09

In $ millions

Audited

Net income

313.0

265.7

Depreciation, amortisation & impairment

123.2

145.6

Non-cash items

26.5

126.3

Tax paid

(137.4)

(59.9)

Changes in working capital

(185.3)

68.4

Net cash generated from operating activities

140.0

546.1

Cash flows from investing activities:

Purchases of property, plant and equipment

(503.9)

(171.8)

Purchases of intangible assets

(6.2)

(4.6)

Proceeds from sale of assets (net of costs of sale)

2.5

73.6

Dividends received from associates and joint ventures

28.3

28.0

Investment in associates and joint ventures

(14.0)

(20.6)

Advances to associates and joint ventures

(5.0)

Net cash used in investing activities

(493.3)

(100.4)

Cash flows from financing activities:

Proceeds from / repayment of borrowings and issuance costs

(11.1)

2.8

Proceeds from issuance of ordinary shares

4.6

1.6

Interest paid

(15.8)

(11.3)

Dividends paid to equity shareholders of the parent

(42.2)

(40.2)

Dividends paid to non-controlling interests

(20.0)

(4.9)

Net cash used in financing activities

(84.5)

(52.0)

Net (decrease)/increase in cash and cash equivalents

(437.8)

393.7

Cash and cash equivalents at beginning of year

907.6

573.0

Effect of exchange rates on cash and cash equivalents

(25.4)

44.5

Closing cash balances classified as assets held for sale

(63.7)

(103.6)

Opening cash balances classified as assets held for sale

103.6

Cash and cash equivalents at end of year

484.3

907.6

Page

23-Feb-11

Subsea 7 S.A. (formerly Acergy S.A.)

Balance sheet highlights

In $ millions as at

November

30, 2010

Audited

(1)

November

30, 2009

Audited

(1)

Property, plant and equipment

1,278.8

821.8

Interest in associates and joint ventures

215.1

190.3

Trade and other receivables

382.0

297.9

Assets held for sale

255.5

263.6

Other accrued income and prepaid expenses

242.3

212.8

Cash and cash equivalents

(2)

484.3

907.6

Other assets

131.5

139.1

Total assets

2,989.5

2,833.1

Total equity

1,259.3

1,099.2

Non-current portion of borrowings

435.3

415.8

Trade and other

liabilities

673.3

624.1

Deferred revenue

217.8

279.8

Current tax liabilities

109.9

97.9

Liabilities directly associated with assets classified as held for sale

134.5

174.9

Other liabilities

159.4

141.4

Total liabilities

1,730.2

1,733.9

Total equity and liabilities

2,989.5

2,833.1

(1)

These figures have been extracted from the Audited Consolidated Financial Statements for 2010 & 2009

(2)

As at November 30, 2010 cash balances of $484.3 million exclude $63.7 million relating to Sonamet which as at this date is classified as an asset held for sale

Page

23-Feb-11

Subsea 7 Inc.

financial

statements

Subsea 7 Inc. unaudited financial

statements highlights for the year

and the quarter ended December

31, 2010

Page

23-Feb-11

Subsea 7 Inc.

Income statement highlights

Three months ended

Year ended

31/12/10

31/12/09

31/12/10

31/12/09

(Amounts in USD millions)

Unaudited

Audited

Revenue

509.2

538.2

2,022.7

2,439.3

Adjusted EBITDA

81.2

130.9

427.5

526.8

Net operating profit

42.6

96.4

291.3

404.0

Profit before tax

43.2

92.0

239.5

412.2

Profit attributable to equity

shareholders

31.3

64.5

162.2

288.4

Earnings per share, in USD per share

Basic

0.21

0.44

1.10

1.96

Diluted

0.21

0.42

1.09

1.94

Page

23-Feb-11

Subsea 7 Inc.

Cash flow highlights

Year ended

31/12/10

31/12/09

(Amounts in USD 1,000)

Unaudited

Audited

Net profit

161,848

288,351

Non-cash income statement items

256,569

254,527

Changes in working capital

(144,689)

97,099

Cash generated from operations

273,728

639,977

Purchase of property, plant and equipment

(208,268)

(246,331)

Proceeds from sale of property, plant and equipment

3,103

1,413

Dividends received

230

16,336

Drawdown of loans

(150,000)

Proceeds from issue of convertible notes

272,902

Repurchase of convertible notes

(169,387)

(75,486)

Proceeds from sale of available-for-sale financial assets

173,015

Other cash flows

(100,766)

(85,626)

Net (decrease)/increase in cash and cash equivalents

(28,345)

373,185

Cash and cash equivalents at start of period

487,251

114,066

Cash and cash equivalents at end of period

458,906

487,251

Page

23-Feb-11

Subsea 7 Inc.

Balance sheet highlights

At 31/12/10

At 31/12/09

(Amounts in USD 1,000)

Unaudited

Audited

Assets

Non-current assets

1,368,312

1,306,219

Cash and cash equivalents

458,906

487,251

Other current assets

688,933

720,739

Current assets

1,147,839

1,207,990

Total assets

2,516,151

2,514,209

Equity and liabilities

Equity

1,349,612

1,187,288

Borrowings

234,379

468,540

Other non-current liabilities

105,300

107,202

Non-current liabilities

339,679

575,742

Borrowings

224,775

133,465

Other current liabilities

602,085

617,714

Current liabilities

826,860

751,179

Total liabilities

1,166,539

1,326,921

Total equity and liabilities

2,516,151

2,514,209

Page

23-Feb-11

Market Update

Combination

Page

23-Feb-11

Market Update

•

Conventional activity in West Africa is expected to remain strong in the short and

medium-term. We expect contracts to come to market award in 2011 although timing

remains difficult to predict.

SURF activity:

•

Order

book

momentum

underpinned

robust

oil

price

and

rising

tendering activity

worldwide

•

Execution and activity levels expected to rise although contracts signed in more

challenging market conditions will impact negatively the Group’s Adjusted EBITDA

margin in 2011

•

Renewed activity in North Sea in a competitive pricing environment

•

A number of major SURF contracts, in Australia, Brazil and West Africa, still expected to

come to market award in 2011 (with offshore installation post 2011)

•

Trend for subsea projects to continue to increase in size and complexity contributing to

strong industry growth in the medium-term

Page

23-Feb-11

Combination completed on January 7, 2011

•

Combination of Acergy S.A. and Subsea 7 Inc. completed on January 7, 2011. At which

point Acergy S.A. was renamed Subsea 7 S.A.

•

are

working

with

the

OFT

the

and

are

making

progress

the remedies

required

•

Positive feedback from clients and employees

•

Clear

approach

integration

–

‘keep

things

simple

and

move

quickly’

•

Expect to deliver synergies of at least $100 million run-rate improvement for 2013

•

6 weeks after completion, we are on track with our integration plan

Page

23-Feb-11

Appendices

Page

23-Feb-11

Financial highlights

Subsea 7 SA

(formerly Acergy SA)

Subsea 7 Inc

Twelve Months Ended

In $ millions, except EBITDA margin

Nov.30.10

Audited

Nov.30.09

Audited

Dec.31.10

Unaudited

Dec.31.09

Audited

Continuing operations:

Revenue

2,369.0

2,208.8

2,022.7

2,439.3

Adjusted EBITDA

559.3

488.3

427.5

526.8

Adjusted EBITDA margin %

23.6%

22.1%

21.1%

21.6%

Backlog

3,552

2,848

2,799

2,798

Cash & cash equivalents

484.3

907.6

458.9

487.3

Earnings per share –

$ per share (diluted)

Continuing operations

$1.16

$1.29

$1.09

$1.94

Total operations

$1.38

$1.33

$1.09

$1.94

Page

23-Feb-11

Appendix:

Subsea 7 S.A.

Additional Subsea 7 S.A.

(formerly Acergy S.A.) financial

highlights

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Major project progression

Continuing projects >$100m between 5% and 95% complete as at November 30, 2010 excl. long-term ship charters

AFMED

NEC

SapuraAcergy JV

20%

40%

60%

80%

100%

Block 17 (Angola)

ALNG (Angola)

PazFlor (Angola)

EGP3B (Nigeria)

Oso Re

(Nigeria)

Encana Deep Panuke (Canada)

Gumusut (Malaysia)

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Backlog

Backlog by Service Capability

Convent

ional

22%

IMR/

Survey

SURF

76%

Backlog by Award Date

2009

22%

2010

58%

<=2008

20%

Backlog by Execution Date

2013+

21%

2012

26%

2011

53%

In $ millions as at:

Nov.30.10

Aug.31.10

Nov.30.09

Backlog

(1)

3,552

3,496

2,848

Pre-backlog

(2)

255

214

249

(1)

Backlog excludes amounts related to discontinued operations as of Nov.30.10: $nil, Aug.31.10: $14 million, Nov.30.09: $43 million

(2)

Pre-backlog reflects the stated value of letters of intent and the expected value of escalations on frame agreements

Backlog by Segment

SAM

21%

AME

AFMED

70%

NEC

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Segmental analysis: 12 months ended November 30, 2010

Territory 1

Territory 2

For the twelve months

ended November 30, 2010

Audited

In $ millions

Acergy

NEC

Acergy

AME

Acergy

AFMED

Acergy

NAMEX

Acergy

SAM

Acergy

Corporate

Total –

continuing

operations

Revenue

568.1

179.8

1,361.4

34.6

214.3

10.8

2,369.0

Net operating income/(loss)

83.6

83.5

307.7

(0.4)

8.4

(46.7)

436.1

Investment income

9.8

Other gains and losses

(18.0)

Finance costs

(28.7)

Net income before taxation from continuing operations

399.2

Territory 1

Territory 2

For the twelve months

ended November 30, 2009

Audited

In $ millions

Acergy

NEC

Acergy

AME

Acergy

AFMED

Acergy

NAMEX

Acergy

SAM

Acergy

Corporate

Total –

continuing

operations

Revenue

648.8

206.0

999.7

57.8

288.8

7.7

2,208.8

Net operating income

67.4

37.8

171.3

26.0

37.5

2.7

342.7

Investment income

6.4

Other gains and losses

43.6

Finance costs

(31.4)

Net income before taxation from continuing operations

361.3

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Segmental analysis: 3 months ended November 30, 2010

Territory 1

Territory 2

For the three months

ended November 30, 2010

Unaudited

In $ millions

Acergy

NEC

Acergy

AME

Acergy

AFMED

Acergy

NAMEX

Acergy

SAM

Acergy

Corporate

Total –

continuing

operations

Revenue

190.5

6.4

441.6

22.8

53.3

2.6

717.2

Net operating income/(loss)

63.5

1.6

90.5

8.9

3.8

(15.4)

152.9

Investment income

2.6

Other gains and losses

(5.6)

Finance costs

(10.7)

Net income before taxation from continuing operations

139.2

Territory 1

Territory 2

For the three months

ended November 30, 2009

Unaudited

In $ millions

Acergy

NEC

Acergy

AME

Acergy

AFMED

Acergy

NAMEX

Acergy

SAM

Acergy

Corporate

Total –

continuing

operations

Revenue

163.5

62.0

320.1

11.0

63.5

1.8

621.9

Net operating income/(loss)

36.3

10.4

65.4

9.2

13.2

(21.0)

113.5

Investment income

1.6

Other gains and losses

12.5

Finance costs

(8.5)

Net income before taxation from continuing operations

119.1

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Adjusted EBITDA

•

The Group calculates adjusted earnings before interest, income taxation, depreciation and amortisation (‘Adjusted EBITDA’)

from continuing operations as net income from continuing operations plus finance costs, other gains and losses, taxation,

depreciation and amortisation and adjusted to exclude investment income and impairment of property, plant and equipment

and intangibles. Adjusted EBITDA margin from continuing operations is defined as Adjusted EBITDA divided by revenue from

continuing operations. Adjusted EBITDA for discontinued operations is calculated as per the methodology outlined above.

Adjusted EBITDA for total operations is the total of continuing operations and discontinued operations.

•

Adjusted EBITDA is a non-IFRS measure that represents EBITDA before additional specific items that are considered to

hinder comparison of the Group’s performance either year-on-year or with other businesses. The additional specific items

excluded from Adjusted EBITDA are other gains and losses and impairment of property, plant and equipment and

intangibles. These items are excluded from Adjusted EBITDA because they are individually or collectively material items that

are not considered representative of the performance of the businesses during the periods presented. Other gains and losses

principally relate to disposals of property, plant and equipment and net foreign exchange gains or losses. Impairments of

property, plant and equipment represent the excess of the assets’ carrying amount that is expected to be recovered from

their use in the future.

•

The Adjusted EBITDA measures and Adjusted EBITDA margins have not been prepared in accordance with International

Financial Reporting Standards (‘IFRS’) as issued by the International Accounting Standards Board (‘IASB’) nor as adopted for

use in the European Union (‘EU’). These measures exclude items that can have a significant effect on the Group’s profit or

loss and therefore should not be considered as an alternative to, or more meaningful than, net income (as determined in

accordance with IFRS), as a measure of the Group’s operating results or cash flows from operations (as determined in

accordance with IFRS) or as a measure of the Group’s liquidity.

•

Management believes that Adjusted EBITDA and Adjusted EBITDA margin from continuing operations are important

indicators of the operational strength and the performance of the business. These non-IFRS measures provide management

with a meaningful comparison amongst its various regions, as they eliminate the effects of financing and depreciation.

Management believes that the presentation of Adjusted EBITDA from continuing operations is also useful as it is similar to

measures used by companies within Subsea 7’s peer group and therefore believes it to be a helpful calculation for those

evaluating companies within Subsea 7’s industry. Adjusted EBITDA margin from continuing operations may also be a useful

ratio to compare performance to its competitors and is widely used by shareholders and analysts following the Group’s

performance. Notwithstanding the foregoing, Adjusted EBITDA and Adjusted EBITDA margin from continuing operations as

presented by the Group may not be comparable to similarly titled measures reported by other companies.

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Reconciliation of net income to adjusted EBITDA

Three-Months Ended

Nov 30, 2010

Three-Months Ended

Nov 30, 2009

In $ millions (except percentages)

Continuing

Discontinued

Total

operations

Continuing

Discontinued

Total

operations

Net income

94.1

29.6

123.7

78.7

2.4

81.1

Depreciation and amortisation

33.3

35.2

0.1

35.3

(Reversal of impairments) / impairments

(7.0)

14.6

1.0

15.6

Investment income

(2.6)

(1.6)

Other gains and losses

5.6

(12.5)

(0.6)

(13.1)

Finance costs

10.7

8.5

Taxation

45.1

9.3

54.4

40.4

2.8

43.2

Adjusted EBITDA

179.2

38.9

218.1

163.3

5.7

169.0

Revenue

717.2

37.9

755.1

621.9

29.5

651.4

Adjusted EBITDA %

25.0%

102.6%

28.9%

26.3%

19.3%

25.9%

Twelve-Months Ended

Nov 30, 2010

Twelve Months Ended

Nov 30, 2009

In $ millions (except percentages)

Continuing

Discontinued

Total

operations

Continuing

Discontinued

Total

operations

Net income

268.4

44.6

313.0

258.5

7.2

265.7

Depreciation and amortisation

119.4

131.0

0.1

131.1

Impairments

3.8

14.6

1.0

15.6

Investment income

(9.8)

(6.4)

Other gains and losses

18.0

0.2

18.2

(43.6)

1.6

(42.0)

Finance costs

28.7

31.4

Taxation

130.8

14.9

145.7

102.8

6.7

109.5

Adjusted EBITDA

559.3

59.7

619.0

488.3

16.6

504.9

Revenue

2,369.0

83.4

2,452.4

2,208.8

114.8

2,323.6

Adjusted EBITDA %

23.6%

71.6%

25.2%

22.1%

14.5%

21.7%

23-Feb-11

Page

Subsea 7 S.A. (formerly Acergy S.A.)

Reconciliation of net operating income to adjusted EBITDA

Three-Months Ended

Nov 30, 2010

Three-Months Ended

Nov 30, 2009

In $ millions (except percentages)

Continuing

Discontinued

Total

operations

Continuing

Discontinued

Total

operations

Net operating income

152.9

38.9

191.8

113.5

4.6

118.1

Depreciation and amortisation

33.3

35.2

0.1

35.3

(Reversal of impairments) / impairments

(7.0)

14.6

1.0

15.6

Adjusted EBITDA

179.2

38.9

218.1

163.3

5.7

169.0

Revenue

717.2

37.9

755.1

621.9

29.5

651.4

Adjusted EBITDA %

25.0%

102.6%

28.9%

26.3%

19.3%

25.9%

Twelve-Months Ended

Nov 30, 2010

Twelve Months Ended

Nov 30, 2009

In $ millions (except percentages)

Continuing

Discontinued

Total

operations

Continuing

Discontinued

Total

operations

Net operating income

436.1

59.7

495.8

342.7

15.5

358.2

Depreciation and amortisation

119.4

131.0

0.1

131.1

Impairments

3.8

14.6

1.0

15.6

Adjusted EBITDA

559.3

59.7

619.0

488.3

16.6

504.9

Revenue

2,369.0

83.4

2,452.4

2,208.8

114.8

2,323.6

Adjusted EBITDA %

23.6%

71.6%

25.2%

22.1%

14.5%

21.7%

Page

23-Feb-11

Appendix:

Subsea 7 Inc.

Additional Subsea 7 Inc. financial

highlights

Subsea 7 Inc.

Backlog (1/2)

23-Feb-11

Page

$2,800M

$2,798M

By Region

By Contract Type

31 Dec 2010 31 Dec 2009

$2,798M

$2,800M

Lump Sum

Day Rate

31 Dec 2010 31 Dec 2009

1,304

1,167

942

783

1,858

2,015

871

North Sea

Brazil

Africa

23-Feb-11

Page

Subsea 7 Inc.

Backlog (2/2)

$2,800M

Year of Execution

$1,527M

$694M

$329M

$250M

Lump Sum

Day Rate

1,858

942

873

654

445

249

290

250

31 Dec 2010

2014 +

2013

2012

2011

23-Feb-11

Page

Subsea 7 Inc.

Segmental analysis

(Amounts in USD 1,000)

North Sea

Africa

Brazil

North

America

Asia

Pacific

Global

Total

Fourth quarter 2010 (Unaudited)

Revenue

204,980

114,976

127,353

22,856

38,991

509,156

Profit/(loss) before tax

37,049

34,185

(13,007)

(1,214)

1,474

(15,282)

43,205

Fourth quarter 2009 (Unaudited)

Revenue

220,007

41,906

140,915

66,858

68,492

538,178

Profit/(loss) before tax

33,325

12,057

27,141

18,545

16,343

(15,444)

91,967

Full year 2010 (Unaudited)

Revenue

953,117

286,973

480,437

104,895

197,290

2,022,712

Profit/(loss) before tax

135,484

90,302

39,035

12,383

49,845

(87,535)

239,514

Full year 2009 (Audited)

Revenue

1,078,612

244,574

848,218

145,591

122,270

2,439,278

Profit/(loss) before tax

208,620

88,577

73,593

47,114

15,010

(20,714)

412,200

The “Global”

segment comprises the global support functions, including the vessel and equipment management group which is

responsible for the management and maintenance of the vessels and equipment; finance income and expense, derivative

instrument fair value changes, net currency items, profits or losses on disposals of property, plant and equipment and share of

profits from associates are also allocated to this segment

23-Feb-11

Page

Subsea 7 Inc.

Reconciliation of net profit to adjusted EBITDA

Three months

ended

Year ended

31/12/10

31/12/09

31/12/10

31/12/09

(Amounts in USD 1,000)

Unaudited

Audited

Net profit attributable to equity shareholders

31,165

64,468

161,848

288,351

Adjustments:

Taxation expense

12,040

27,499

77,666

123,849

Net financial items

493

5,558

53,041

(1,463)

Depreciation and amortisation

37,381

33,927

137,680

117,214

Loss/(profit) on disposal of property, plant & equipment

(547)

(2,742)

(1,160)

Adjusted EBITDA

81,176

130,905

427,493

526,791

Revenue

509,156

538,178

2,022,712

2,439,278

Adjusted EBITDA %

15.9%

24.3%

21.1%

21.6%

Subsea

Inc

calculates

“Adjusted

EBITDA”

(adjusted earnings before interest, taxation, depreciation and amortisation) as net

profit

adjusted

for

taxation,

net

financial

items,

depreciation,

amortisation, impairments and profits or losses on disposals of

property, plant and equipment

10.01.11

Page

seabed-to-surface