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Marine Log

April 28 2008

Subsea 7 goes to Merwede for pipelay vessel

Subsea 7 Inc. (OSE: SUB)says it has signed a contract for the construction of a new-build pipelay and construction vessel. The overall project cost is in the region of $190 million and is based on fixed prices from the Merwede shipyard.

The vessel will have an overall length of 133 m and a beam of 24 m. It will be equipped with a pipelay suite for installing flexible flowlines and umbilicals, including a Vertical Lay System tower and twin underdeck carousels, a 250 t crane from Huisman and twin 3000 m-rated ROVs. The ship is expected to be delivered in the third quarter of 2010.

Subsea 7 CEO Mel Fitzgerald, stated: "We have invested in excess of $1 billion in new vessels and equipment between 2006 - 2008. Seven new vessels will join the fleet between 2007 and 2009. This investment in yet another new vessel demonstrates our considerable commitment to becoming the Subsea Partner of Choice for our customers and reinforces our confidence in the market going forward."

"It also builds on Subsea 7's already strong working relationship with the Merwede shipyard where we have successfully built the Seven Oceans and Seven Seas on time and on budget, and also with Huisman."

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