Subsea 7 S A : Subsea7 awarded a contract for the Bittern field in the UK North Sea

Subsea7 awarded a contract for the Bittern field in the UK North Sea

14 Jun 2024 13:50 CEST

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Issuer

Subsea 7 S.A.

Luxembourg - 14 June 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today
announced the award of a sizeable(1) contract by Dana Petroleum (E&P) Limited,
for the Bittern field development, located approximately 190km east of Aberdeen
in the UK Central North Sea, at a water depth of 90 metres.

The contract scope includes project management, engineering, procurement,
construction and installation (EPCI) of a 22km 12" water injection pipeline.
Subsea7's scope also includes associated subsea structures and tie-ins at the
Triton Floating Production Storage & Offloading (FPSO) vessel and the Bittern
field.

Project management and engineering work will commence immediately in Aberdeen.
The offshore activities are scheduled for Q3 2025.

Steve Wisely, Senior Vice President of UK and Global Inspection, Repair and
Maintenance, Subsea7, said: "We are pleased that Dana Petroleum has chosen
Subsea7 to provide project management expertise and engineering technical
knowledge for this important field development. We look forward to supporting
Dana in meeting their project objectives and for the opportunity to play a key
role in the safe and successful completion of Bittern."

1. Subsea7 defines a sizeable contract as being between $50 million and $150
million

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Subsea7 is a global leader in the delivery of offshore projects and services for
the evolving energy industry, creating 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 the Oslo Børs (SUBC), ISIN LU0075646355, LEI
222100AIF0CBCY80AH62.

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Contact for investment community enquiries:
Katherine Tonks
Investor Relations Director
Tel [phone]
[e-mail]

Contact for media enquiries:
Michelle Wainwright

UK & Global IRM Communications Manager
Tel [phone]
[e-mail]

Forward-Looking Statements: This document may contain 'forward-looking
statements' (within the meaning of the safe harbour 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 in these statements. Forward-looking statements may be identified by
the use of words such as 'anticipate', 'believe', 'estimate', 'expect',
'future', 'goal', 'intend', 'likely' 'may', 'plan', 'project', 'seek', 'should',
'strategy' 'will', and similar expressions. The principal risks which could
affect future operations of the Group are described in the 'Risk Management'
section of the Group's Annual Report and Consolidated Financial Statements.
Factors that may 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 client expectations
and within the parameters of our bids, and to avoid cost overruns; (ii) our
ability to collect receivables, negotiate variation orders and collect the
related revenue; (iii) our ability to recover costs on significant projects;
(iv) capital expenditure by oil and gas companies, which is affected by
fluctuations in the price of, and demand for, crude oil and natural gas; (v)
unanticipated delays or cancellation of projects included in our backlog; (vi)
competition and price fluctuations in the markets and businesses in which we
operate; (vii) the loss of, or deterioration in our relationship with, any
significant clients; (viii) the outcome of legal proceedings or governmental
inquiries; (ix) uncertainties inherent in operating internationally, including
economic, political and social instability, boycotts or embargoes, labour
unrest, changes in foreign governmental regulations, corruption and currency
fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster;
(xi) liability to third parties for the failure of our joint venture partners to
fulfil their obligations; (xii) changes in, or our failure to comply with,
applicable laws and regulations (including regulatory measures addressing
climate change); (xiii) operating hazards, including spills, environmental
damage, personal or property damage and business interruptions caused by adverse
weather; (xiv) equipment or mechanical failures, which could increase costs,
impair revenue and result in penalties for failure to meet project completion
requirements; (xv) the timely delivery of vessels on order and the timely
completion of ship conversion programmes; (xvi) our ability to keep pace with
technological changes and the impact of potential information technology, cyber
security or data security breaches; (xvii) global availability at scale and
commercially viability of suitable alternative vessel 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. Each forward-looking statement
speaks only as of the date of this document. We undertake no obligation to
update publicly or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange release was published by Katherine Tonks, Investor
Relations, Subsea7, on 14 June 2024 at 13:50 CET.

More information:
Access the news on Oslo Bors NewsWeb site

621556_SUBC Bittern.pdf

Source

Subsea 7 S.A.

Provider

Oslo Børs Newspoint

Company Name

SUBSEA 7

ISIN

LU0075646355

Symbol

SUBC

Market

Oslo Børs