SIEM INDUSTRIES S.A. which is represented on the board of Subsea 7 S.A. by
Kristian Siem announces that
it has on 17 December 2020 terminated two OTC Call Option structures with
underlying shares being Subsea 7
S.A.(OSE symbol SUBC) shares. The terminated structures are for an aggregate of
2,629,000 shares, with
details as follows:

Expiry          Underlying shares        Strike Price NOK
2021 May 21     349,000                  94
2021 May 23     2,280,000                103

Following this transaction, the total number of put and call options available
to Siem Industries SA. is
8,172,200 and the aggregate number of shares held by Siem Industries SA. remains
unchanged at 73,522,977.

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