As a Company incorporated in Luxembourg, and quoted on the Oslo Børs, and registered with the SEC, Subsea 7 S.A. is subject to a number of different laws and regulations with respect to Corporate Governance. Subsea 7 S.A. is fully committed to achieving the highest Corporate Governance standards at all times. We believe that observance of those standards is in the best interests of all stakeholders. The term "Company" refers to Subsea 7 S.A. and its subsidiaries.
A key Corporate Governance activity undertaken by the Company concerns compliance with those provisions of the Sarbanes-Oxley Act of 2002, which are applicable to foreign issuers and enforced by the US Securities and Exchange Commission (SEC).
The Company's management, using the criteria set forth by the Committee of Sponsoring Organisation's of the Treadway Commission in Internal Control - Integrated Framework, believes that as of November 30, 2010 the Company's internal control over financial reporting is effective.
Our auditors, Deloitte expressed an unqualified opinion of management assertion of the effectiveness of the Group's internal control over financial reporting and an unqualified opinion on the effectiveness of the Group's internal control over financial reporting.