Subsea 7 — Capital/Financing Update 2024

Mar 28, 2024

Subsea 7 S.A. - Seaway7 awarded contract offshore Poland

Subsea 7 S.A. - Seaway7 awarded contract offshore Poland

Luxembourg - 28 March 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

announced the award to Seaway7, part of the Subsea7 Group, of a sizeable¹

contract by PGE Polska Grupa Energetyczna and Ørsted for the transport and

installation of the substations for the Baltica 2 wind farm, offshore Poland.

Seaway7's scope includes the transport and installation of four substations.

Offshore activity is scheduled to take place in 2026 utilising both our heavy

lift and heavy transportation vessels.

Baltica 2 is a 50:50 joint venture between PGE Polska Grupa Energetyczna and

Ørsted. The wind farm, with a capacity of around 1.5 GW, will be located in the

Polish sector of the Baltic Sea around 40 kilometres from shore at its closest

point.

Maria Eidesvik, VP for Europe and US at Seaway7 said: "This is our second

contract award in the emerging Polish market and we are pleased to be taking a

role in developing offshore wind in this key location. With this project we also

look forward to continuing our long-standing relationship with Ørsted on our

sixth offshore wind project together".

The contract is subject to financial close of the project, expected in 2024.

(1) Subsea7 defines a sizable contract as being between USD 50 million and USD

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 +44 20 8210 5568

ir@subsea7.com

Contact for media enquiries:

Nikki Beales

Communications Manager

Tel +44 (0) 7843895292

communications@seaway7.com

Forward-Looking Statements: This announcement 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; and (xvii) 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 announcement. 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 28 March 2024 at 17:15 CET.