Subsea 7 takes action to facilitate use of its vessels in US waters

Subsea 7 SA has moved to facilitate use of its vessels in US waters. The action is designed to enable the company to meet requirements applicable to non-US companies operating vessels in US waters.

Jul 1st, 2014

Offshore staff

LUXEMBOURGSubsea 7 SA (Oslo Børs: SUBC) has moved to facilitate use of its vessels in US waters. The action is designed to enable the company to meet requirements applicable to non-US companies operating vessels in US waters.

Included within these requirements is that the company’s board of directors, which has ultimate control over these vessels, cannot be controlled by a majority of US citizens. Consequently, Subsea 7 SA is required to reduce the number of US directors from three to one.

Two directors, Robert Long and Allen Stevens, who are both US citizens, have agreed to stand down as directors of the board and have resigned with immediate effect.

Long and Stevens both joined the board of directors in January 2011, and, following their resignations, they will remain members of the company’s Compensation Committee. Stevens will also remain a member of the company’s Corporate Governance and Nominations Committee, and Long will continue as a member of the company’s Audit Committee.

07/01/2014

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