Subsea 7 S.A. Extraordinary General Meeting

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, OR IN ANY OTHER JURISDICTION IN WHICH SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW

Luxembourg – 25 September 2025 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY, the Company) today announced that, at the extraordinary general meeting of shareholders on 25 September 2025, the purpose of which was to approve the proposed combination between Subsea7 and Saipem all resolutions were approved.

As well as the approval of the proposed combination between Subsea7 and Saipem, shareholders approved the payment of both proposed dividends: (i) a dividend in the amount of €450 million, equating to approximately NOK 18.00 per share in accordance with the terms of the merger with Saipem, conditional on completion of the merger and expected to be paid immediately before the proposed merger effective date; and (ii) a special dividend of €105 million, equating to approximately NOK 4.15 per share. This distribution is related to a permitted business divestment in accordance with the merger agreement with Saipem. The distribution is expected to be paid after closing of the relevant transaction or (if earlier) immediately before the proposed merger effective date.

The key dates relating to both proposed dividends shall be published as soon as these dates are fixed.

The minutes of the extraordinary general meeting which detail the resolutions passed and the result of the votes cast in relation to each resolution are attached hereto. The minutes can also be found on the Company’s website.

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Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel +44 20 8210 5568
ir@subsea7.com

No Offer or Solicitation

This document is not an offer of merger consideration shares in the United States. Neither the merger consideration shares nor any other securities have been or will be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and neither the merger considerations shares nor any other securities may be offered, sold or delivered within or into the United States, except pursuant to a registration statement filed pursuant to the Securities Act or an applicable exemption from registration or in a transaction otherwise not subject to the Securities Act. This document must not be forwarded, distributed or sent, directly or indirectly, in whole or in part, in or into the United States. This document does not constitute an offer of or an invitation by or on behalf of, Saipem or Subsea7, or any other person, to purchase any securities.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 25 September 2025 at 16:00 CET

Attachments

• SUBC EGM Merger Approval
• SUBC EGM Minutes