Subsea 7 — Board/Management Information 2026

Mar 3, 2026

Subsea7 announces CEO succession

Subsea7 announces CEO succession

Luxembourg - 3 March 2026 - Subsea7 today announced that John Evans will retire

from his position as CEO on the 30 June 2026 and will be succeeded from 1 July

2026 by Stuart Fitzgerald who is currently CEO of Seaway7, part of the Subsea7

Group. The Board will propose that John is appointed as a Director of the

Company at the Annual General Meeting on 12 May 2026.

John has worked for Subsea7 and its predecessor companies for 40 years. He was

COO of Subsea7 for 14 years and has been CEO of Subsea7 since 2020.

Stuart has been CEO of Seaway7 since 2022. He joined Subsea7 in 1998 and has

held a number of senior management positions including EVP Commercial and EVP

Strategy and Alliances.

Stuart is also proposed as the CEO of Subsea7 within the future Saipem7 upon

completion of the proposed merger with Saipem.

Kristian Siem, Chairman said "The Board would like to thank John for his strong

leadership and valuable contribution to the Company as CEO - he has shown true

commitment and passion for the business over the last 40 years. Stuart has made

significant contributions over the course of his career with Subsea7 in both

operational and strategic roles, and, in recent years, he has led the turnaround

of the Seaway7 business. Stuart has the full support of the Board of Subsea7 as

he continues his journey in this new role. I am confident that, under his

leadership, Subsea7 will continue to thrive, both in the near term and as we

navigate the merger with Saipem".

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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 +44 20 8210 5568

ir@subsea7.com

Contact for media enquiries:

communications@subsea7.com

www.subsea7.com

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.