On 29 June 2023 Elliott International L.P. and Elliott Associates L.P. purchased
92,464 shares and 43,512 shares, respectively, in Subsea 7 S.A. ("Subsea 7").
Both Elliott International L.P. and Elliott Associates L.P. are funds managed
and advised by Elliott Investment Management L.P., a registered investment
adviser with the U.S. Securities and Exchange Commission. The general partner
of Elliott Investment Management L.P. is Elliott Investment Management GP LLC.
Paul E. Singer is the sole managing member of Elliott Investment Management GP
LLC.
Following the share purchase, funds managed and advised by Elliott Investment
Management L.P. have the following ownership interest in Subsea 7:
o Elliott International L.P. holds (i) 9,238,373 shares in Subsea 7, which
represents approx. 3.036% of Subsea 7's share capital and votes, and (ii) cash
settled equity swaps equivalent to 11,531,758 shares in Subsea 7, which
represents approx. 3.790% of Subsea 7's share capital.
o Elliott Associates L.P. holds (i) 4,593,247 shares in Subsea 7, which
represents approx. 1.509% of Subsea 7's share capital and votes, and (ii) cash
settled equity swaps equivalent to 5,180,935 shares in Subsea 7, which
represents approx. 1.703% of Subsea 7's share capital.
As a result of this, if voting rights are attributed to the cash settled equity
swaps, the total aggregate ownership interest of both Elliott International L.P.
and Elliott Associates L.P. is 30,544,313 shares in Subsea 7, which represents
approx. 10.038% of Subsea 7's share capital and votes (and thus exceeding the
10% disclosure threshold).
This disclosure is made pursuant to section 4-2, cf. section 4-3, of the
Norwegian Securities Trading Act.