Subsea 7 — M&A Activity 2021

Sep 21, 2021

Subsea 7 awarded contract offshore Norway  

Subsea 7 awarded contract offshore Norway

Luxembourg - 21 September 2021 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)

today announced the award of a sizeable(()(1)) contract by OneSubsea(®), the

subsea technologies, production and processing systems division of Schlumberger,

for a project at the Ormen Lange field operated by Shell in the Norwegian Sea.

Subsea 7's scope includes the engineering, procurement, construction, and

installation of the subsea flowline system as well as the installation of

OneSubsea's multiphase compression system. The contract award follows completion

of the front-end engineering design study(()(2)) and will be executed as a

Subsea Integration Alliance project(()(3)()).

Monica Th. Bjørkmann, Subsea 7's Vice President Norway, said, "This award

demonstrates the value Subsea Integration Alliance brings by combining the

technologies and capabilities of OneSubsea and Subsea 7 into a seamless

integrated offering, resulting in the delivery of optimised solutions with

reduced execution and interface risk. Subsea 7 looks forward to progressing the

execution phase of the project with a focus on safe, efficient and reliable

operations."

(1)   Subsea 7 defines a sizeable contract as being between USD 50 million and

USD 150 million.

(2)   Announced on 31 October 2019.

(3)   Subsea Integration Alliance is a strategic global alliance between Subsea

7 and OneSubsea®, the subsea technologies, production and processing systems

division of Schlumberger, bringing together field development planning, project

delivery and total lifecycle solutions under an extensive technology and

services portfolio. As one team, Subsea Integration Alliance amplifies subsea

performance by helping customers to define, select, install and operate the

smartest subsea projects, that eliminate costly revisions, delays and reduces

risk across the life of field.

*******************************************************************************

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.

*******************************************************************************

Contact for investment community enquiries:

Katherine Tonks

Investor Relations Director

Tel +44 (0)20 8210 5568

katherine.tonks@subsea7.com

Contact for media enquiries:

Jan Roger Moksnes

Communications Manager, Norway

Tel +47 415 15 777

janroger.moksnes@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..