Subsea 7 — M&A Activity 2021

Sep 15, 2021

Subsea 7 awarded FEED contract in Norway

Subsea 7 awarded FEED contract in Norway

Luxembourg - 15 September 2021 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY)

today announced the award of a contract by Aker BP for the front-end engineering

and design (FEED) study for the NOA Fulla development project, offshore Norway.

NOA Fulla is located in the southern part of the NOAKA area in the Norwegian

North Sea.

The awarded work is required to finalise the technical definition of the

proposed development prior to Aker BP and its partners making the final

investment decision (FID) late 2022. The FEED study will begin immediately.

Subsea 7 has recognised the FEED award in its order backlog in the third quarter

of 2021. The value of a potential subsequent EPCI contract would only be

recognised by Subsea 7 in its backlog upon FID, and would represent a

substantial(1) project award.

Project management and engineering will take place in our office in Stavanger,

Norway. Offshore installation activities would be scheduled for 2025, 2026 and

Monica Bjørkmann, Vice President for Subsea 7 Norway said: "This award continues

our long-standing collaboration with Aker BP, through the Aker BP Subsea

Alliance(2). The partnership enables Subsea 7 to engage early in the field

development process, optimising design solutions and contributing to the final

investment decision. We are delighted to continue our alliance with Aker BP for

the NOA Fulla development, which is of significant importance for all partners

in the Subsea Alliance. Subsea 7 looks forward to working closely with Aker BP

to successfully deliver our scope with safety and quality at the forefront

throughout."

(1)   Subsea 7 defines a substantial contract as being between USD 150 million

and USD 300 million.

(2)   The Aker BP Subsea Alliance is a partnership between Aker BP, Subsea 7 and

Aker Solutions.

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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 investor 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

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.