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Subsea Partner Of Choice

Subsea Partner Of Choice. Subsea 7 Inc. Earnings Presentation Quarter Ended 30 June 2007. 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

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Subsea Partner Of Choice

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  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

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