Generalforsamling i Subsea 7 S.A.

At the Subsea 7 S.A. annual general meeting 18 April 2023, Folketrygdfondet will vote against item 9 for the following reasons:

Item 9: To elect Treveri S.à r.l., a company incorporated in Luxembourg, as a Director of the Company, with Mr Kristian Siem as its permanent representative, to hold office until the Annual General Meeting to be held in 2025 or until its successor has been duly elected.

Folketrygdfondet regards the possibility to hold each board member personally accountable for the acts of the Board of Directors as crucial. As a matter of principle, we plan to vote against the election of Treveri S.à r.l, a company incorporated in Luxembourg, to the Board of directors, as we question whether Treveri S.à r.l, may be held responsible for the acts of its permanent representative.  Furthermore, the General Meeting should decide on the election of the Board Members. Treveri S.à r.l, will be permanently represented by its sole owner Kristian Siem. It is unclear, however, whether a subsequent decision by Treveri S.à r.l., to appoint a different permanent representative would require the approval of the General Meeting. For these reasons, Folketrygdfondet plans to vote against item 9.