Subsea 7 Appoints New Chief Executive Officer

Subsea 7 has announced that as of 1st July 2004 John Smith will step down as Chief Executive Officer, and will be replaced by Mel Fitzgerald, currently VP for Halliburton ESG (Energy Services Group) in Western Europe.

Mr Kristian Siem, Chairman of Subsea 7 commented, "Subsea 7 has come a long way since formation a little over 2 years ago and is now firmly established one of the leaders in its sector. John is returning to Norway for family reasons, and while I am sad to see him go I am delighted that he has accepted to be nominated as a Board member in DSND Inc as well as Subsea 7 Inc. This will provide continuity for the company.

I look forward to working with Mel Fitzgerald who has a proven track record in this field. Mel was instrumental in the formation of Subsea 7 and has been a Board member of Subsea 7 since the establishment of the company in May 2002."