Subsea 7 Names New Vessels

Subsea 7 has announced the names of the two new vessels that are currently being built in the Netherlands. The rigid lay vessel will be named SEVEN OCEANS and the flexlay vessel will be named SEVEN SEAS.

Both vessels are due to be delivered from Merwede shipyard. The rigid lay will be delivered in the second quarter of 2007 and the flexlay will be delivered in the second quarter of 2008.

Mel Fitzgerald, Subsea 7's Chief Executive Officer, stated, "We are delighted to have named our two new build vessels and we look forward to their delivery in 2007 and 2008. The availability of these new vessels will enable us to fulfil one of our key strategic objectives of having the ability to install flexible and rigid pipelines in ultra deepwater. With the current strong marketplace we are in an enviable position of now being able to offer the exceptional capabilities of these vessels to our clients".