Subsea Partner Of Choice

1
Subsea Partner Of Choice
Subsea 7 Inc.Earnings PresentationQuarter
Ended31 March 2007
2
Subsea Partner Of Choice
Financial Highlights
3
Subsea Partner Of Choice
Operational Performance by Region
Africa
North Sea

• High level of activity in quarter
• Good operational performance with delays
  experienced in Q4 2006 now overcome and
  operations back on schedule

• Good operational performance on Petro SA project
  including successful laying of main umbilical
• Project management, procurement and engineering
  on-going on the Saxi Batuque, Tombua Landana and
  Agbami projects
• Significant resources focussing on major tenders
• No profit recognition on major projects

4
Subsea Partner Of Choice
Operational Performance by Region
Brazil
Gulf of Mexico

• Offshore element of BP Atlantis and Anadarko
  Independence Subsea projects successfully
  completed
• Project management and engineering on-going on
  Chevron Blind Faith project

• First pipelay phase of PDEG project completed by
  Skandi Navica
• Lochnagar continued on day rate contract for
  Petrobras
• K3000 entered drydock and commenced upgrade
  prior to 6-year contract for Petrobras

5
Subsea Partner Of Choice
Operational Performance by Region Asia Pacific

• First offshore phase of the Murphy Kikeh project
  successfully completed
• Offshore phases of the BHP Stybarrow and TUI
  development projects commenced

6
Subsea Partner Of Choice
Backlog at Q1 2006 Q1 2007

7
Subsea Partner Of Choice
Backlog at 31 March 2007 by Year of Execution

8
Subsea Partner Of Choice
Cash Flows
9
Subsea Partner Of Choice
Balance Sheet
10
Subsea Partner Of Choice
Shareholders Equity
11
Subsea Partner Of Choice
Adjusted EBITDA
12
Subsea Partner Of Choice
Summary

• Activity levels high in the quarter
• Project delays experienced in the fourth quarter
  2006 now overcome
• Good operational performance in all regions in
  the quarter
• New build vessel deliveries remain on schedule
• Market outlook remains strong