Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) has announced that it had taken note of McDermott International, Inc. ("McDermott," NYSE: MDR) shareholders' vote in favor of a combination with CB&I (NYSE: CBI).

In light of this vote, Subsea 7 confirms that the proposal made to McDermott's Board of Directors on April 17 and published on April 23 is no longer valid.

Subsea 7 will continue to invest in alternative routes to grow and strengthen its business worldwide, with a focus on differentiation through its market leading capabilities and enabling technology.