Reference is made to the 8.00 per cent DSND Inc. Convertible Bond Loan 2003/2006 with an original principal amount of NOK 300,000,000.
Subsea 7 Inc has received notices for conversion of bonds of NOK 840,000. The Board of Directors has resolved to issue 43,998 new ordinary shares on 6 September 2005 at a price of NOK 19.09 per share in consideration for such converted bonds. Following the conversion, the loan will be written down to NOK 256,310,000, of which the company owns NOK 5,000,000.
Following the issuance of the 43,998 new shares the total number of shares in issue will be 134,877,220.
