Subsea redeems remaining $166.6 million of 2.8% notes after conversion

By Toni Weeks

San Diego, June 6 - Subsea 7 Inc. redeemed the remaining $166.6 million of its 2.8% convertible notes due 2011 following the conversion of $62.1 million of the notes into 2,512,135 common shares, according to a 6-K filing with the Securities and Exchange Commission.

As of June 6, Subsea indirectly held 8,475,281 treasury shares, representing 2.41% of the total number of issued shares. In addition, 583,000 were held in an employee benefit trust as part of the company's 2009 long-term incentive plan, and 1,612,140 shares were held in another employee benefit trust to support the stock award plan.

The total number of Subsea shares issued is 351,793,731.

Subsea 7 SA is a London-based underwater engineering and construction contractor.

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