Subsea 7 — M&A Activity 2021

Oct 19, 2021

Subsea 7 awarded new contracts in Brazil

Subsea 7 awarded new contracts in Brazil

Luxembourg - 19 October 2021 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today

announced a very large(1) award by Petrobras for new long-term day-rate

contracts for the pipelay support vessels (PLSV) Seven Waves, Seven Rio and

Seven Sun. The contracts will be recorded in backlog in the fourth quarter.

Each contract comprises a firm three-year period and a subsequent one-year

option. Seven Waves will commence the new contract in the first quarter 2022.

Seven Rio will commence the new contract in the second quarter 2022. Seven Sun

will commence the new contract in the third quarter 2022. Before commencing the

new contracts, each vessel will undergo minor modifications requiring a short

shipyard stay and modest capital expenditure.

The remaining period of Seven Waves' and Seven Rio's current contracts with

Petrobras will be transferred to Seven Seas which will be deployed to Brazil in

Daniel Hiller, Vice-President Brazil, said: "We value our long-standing

relationship with Petrobras and these new contracts reflect well on our track

record of delivering successful PLSV activities in Brazil, achieving high

standards of safety and a strong operational performance."

(1) Combined value between USD 500 million and USD 750 million.

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Subsea 7 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.

Subsea 7 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

katherine.tonks@subsea7.com

Contact for media enquiries:

Tracey Miller

Group External Communications Manager

Tel +44 1224 265 733

tracey.miller@subsea7.com

www.subsea7.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 for

the year ended 31 December 2020. 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.