As a company incorporated in the Cayman Islands, Subsea 7 Inc. is subject to Cayman Islands laws and regulations with respect to corporate governance. Cayman Islands corporate law is to a great extent based on English law. In addition, the company is listed on Oslo Børs and must comply with certain aspects of Norwegian Securities law which include the requirement to adhere to the Norwegian Code of Practice for Corporate Governance (the "code').
Subsea 7 Inc. is committed to ensuring that high standards of corporate governance are maintained and supports the principles set out in the code.
Visit the Norwegian Code of Practice for Corporate Governance website www.ncgb.no.
Implementation and reporting on corporate governance
Subsea 7 Inc. acknowledges the division of roles between shareholders, the board of directors and the executive management team. The company further ensures good governance by holding regular board meetings which the executive management team attend to present strategic, operational and financial matters.
In February 2006 the company adopted its new code of business conduct which reflects the company's commitment to shareholders, customers and employees to conduct business legally and with integrity and honesty. The code of business conduct was approved by the board prior to issue to all directors, officers and employees.
