Subsea7 awarded contract for Gulf of Mexico project | 16.08.24

Luxembourg – August 16, 2024 – Subsea7 SA (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a significant⁽¹⁾ contract in the US Gulf of Mexico.

The scope of work includes the engineering, procurement, construction and offshore installation of a water injection pipeline, hull piping and associated subsea infrastructure.

Project management and engineering activities will commence immediately at Subsea7’s Houston, Texas office, with offshore operations expected to commence in 2026.

⁽¹⁾ Subsea 7 is considered a major contract if it is between $50 million and $150 million.

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Subsea7 is a global leader in delivering offshore projects and services for the changing energy sector. We create sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

Subsea7 is listed on Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

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For questions from the investment community, please contact:

Katherine Tonks
Director of Investor Relations
Phone +44 20 8210 5568
[email protected]

Contact for media inquiries:

Ashley Scheerder

Communications Manager

Phone +17133006792

[email protected]

Forward-looking statements: This document may contain “forward-looking statements” (within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by these statements. Forward-looking statements can be identified by the use of words such as “expect”, “believe”, “estimate”, “anticipate”, “future”, “target”, “intend”, “likely”, “may”, “plan”, “project”, “seek”, “should”, “strategy”, “will” and similar expressions. The most significant risks that may affect the Group’s future activities are described in the “Risk Management” section of the Group’s Annual Report and Consolidated Financial Statements. Factors that could cause actual and future results and trends to differ materially from our forward-looking statements include, but are not limited to: (i) our ability to deliver fixed-price projects in accordance with customer expectations and within the parameters of our bids and to avoid cost overruns; (ii) our ability to collect receivables, negotiate change orders and collect related revenues; (iii) our ability to recover costs on significant projects; (iv) capital expenditures by oil and gas companies, which are affected by fluctuations in the price of and demand for crude oil and natural gas; (v) unforeseen delays or cancellations of projects in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss or deterioration of our relationships with key customers; (viii) the outcome of legal proceedings or governmental investigations; (ix) uncertainties inherent in international operations, including economic, political and social instability, boycotts or embargoes, labor unrest, changes in foreign government regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for failure to fulfill obligations by our joint venture partners; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures relating to climate change); (xiii) operational hazards, including spills, environmental damage, personal or property damage and business interruption caused by adverse weather conditions; (xiv) equipment or mechanical failures, which could increase costs, harm revenues and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of ordered vessels and the timely completion of vessel conversion programs; (xvi) our ability to keep pace with technological changes and the impact of potential breaches of information technology, cyber security or data security; (xvii) global availability at scale and commercial viability of suitable alternative marine fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Any forward-looking statement speaks only as of the date of this document. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This information is considered inside information under the EU Market Abuse Regulation and is subject to the disclosure requirements under Sections 5-12 of the Norwegian Securities Trading Act.

This stock exchange news was published by Katherine Tonks, Investor Relations, Subsea7, on August 16, 2024 at 08:15 CET.