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Subsea 7 withdraws its proposal to acquire McDermott

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World Pipelines,

Subsea 7 S.A. yesterday announced that it had taken note of McDermott International, Inc. shareholders’ vote in favour of a combination with CB&I. In light of this vote, Subsea 7 confirms that the proposal made to McDermott’s Board of Directors on 17 April and published on 23 April is no longer valid.

Subsea 7 will continue to invest in alternative routes to grow and strengthen its business worldwide, with a focus on differentiation through its market leading capabilities and enabling technology.

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